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EUR/USD Stable After Halting Decline

EUR/USD was stable on Monday after halting decline and rising for the first time in four days on Friday. US economic data helped the currency pair to stabilize as macroeconomic indicators missed economists’ predictions.

Flash Markit services PMI fell from 54.6 in November to 53.4 in December instead of rising to 55.2 as analysts had predicted. (Event A on the chart.)

On Friday, a report on housing starts and building permits was released, showing a drop for both indicators. Housing start were down to the seasonally adjusted annual rate of 1.09 million in November from 1.34 million in October. Building permits fell to 1.20 million from 1.26 million. Both readings failed to meet traders’ expectations. (Not shown 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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