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EUR/USD Propels Through Resistance Level

May 20, 2009 by

EUR/USD rose for the third day in a row today and broke through the major resistance level that was located near 1.3735 rate. The market participants reacted on the surging oil prices. The currency pair is now trading near 1.3760.

U.S. commercial crude oil inventories decreased for the second straight week (May 9 to May 15) as it was reported today — by 2.1 million barrels after 4.7 million barrels decline during a previous week. Nevertheless, oil inventories are above the upper boundary of the average range for this time of year.

Yesterday, the building permits and housing starts report for April was released. The building permits fell by 3.3%, while housing starts dropped by 12.8%. Both indicators were expected to grow in April.

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