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EUR/USD Slumps Below 1.26 Level of Support

May 23, 2012 by

EUR/USD sank below the 1.26 level today, which was considered a strong support line. The members of the European Union are meeting today on summit at Brussels, but most Forex market participants do not believe that the meeting would provide some tangible result. News from the United States, on the other hand, was good as the housing market continued to show signs of a good state.

New home sales climbed to the seasonally adjusted annual rate of 343k from the March rate of 332k (revised from 328k). Forecasters said that the sales would be little changed at 335k. (Event A on the chart.)

Crude oil inventories increased by 0.9 million barrels last week and are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 3.3 million barrels and are in the lower limit of the average range. (Event B on the chart.)

EUR/USD for 2012-05-23

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