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EUR/USD Crawls Higher Despite US Housing Data

Today’s US housing data was good but it did not prevent the dollar from losing to the euro. Analysts explained such behavior by traders’ desire to lock in profits ahead of the year-end.

Existing home sales rose to the seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October (5.60 million before the revision). Experts predicted a decline to 5.52 million. (Event A on the chart.)

Crude oil inventories rose by 2.3 million barrels last week while analysts had predicted drop by about the same amount. The stockpiles shrank by 2.6 million the week before. Total motor gasoline inventories fell by 1.3 million barrels last week. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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