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Fundamental Analysis
Daily Market Analysis from ForexMart (Fundamentals)
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[QUOTE="Andrea ForexMart, post: 116071, member: 36651"] [B][SIZE=5]EUR/USD Fundamental Analysis: December 5, 2016[/SIZE][/B] The EUR/USD crashed during the previous trading session after the Italian government voted “No” against the proposed constitutional reforms which led to the Italian Prime Minister resigning from his post. This has caused the Italian economy to experience major disturbances since the vote would translate into major policy reversals and could possibly lead to financial woes and could make a lot of investors lose their confidence in the eurozone currency. These previous events has caused the EUR/USD pair to incur a widened gap, with the currency pair now testing solid support levels at 1.0550 points. Market players are now closely monitoring if the currency pair manages to sustain its hold in the current support region since a break beyond this level could lead to the pair possibly reaching 1.00 points. For this week, the ECB is expected to hold a meeting later within the week, and majority of market players are expecting Draghi to outline the QE program timeline whose conclusion is expected this coming March 2017. If Draghi refuses to have an extension of the QE program, then this could give the euro a much-needed boost. However for now, the market is mainly focused on the possible repercussions of the recently concluded Italian referendum. For today’s trading session, market players will be mostly focusing on the reaction of the European market on the results of the Italian referendum, since this will be a determinant on the euro’s next move especially since the outlook for the EUR was mostly positive until the results of the said referendum. There are no major economic releases expected from the eurozone for today, and the European market is expected to be subject to tension as the EUR/USD pair will be undergoing significant pressure for today’s trading session. [ATTACH=full]8414[/ATTACH] [/QUOTE]
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