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Sell-Off of EUR/USD Continues

Sell-off of EUR/USD that has started yesterday continued today. While the currency pair attempted to halt the decline intraday, it has resumed the downfall by now. Yesterday, the European Central Bank announced changes to its quantitative easing program. The bank trimmed the size of asset purchases but extended the program till the end of the next year. On the whole, the changes led to extension of the QE, not tapering, therefore they had very negative impact on the euro. Today’s positive economic data from the United States was another reason for EUR/USD to go down.

Michigan Sentiment Index climbed from 93.8 in November to 98.0 in December, far above the analysts’ median projection of 94.3. (Event A on the chart.)

Wholesale inventories fell 0.4% in October, matching forecasts and the preliminary estimate. (Event A on the chart.)

Yesterday, a report on initial jobless claims was released, showing a drop from 268k to 258k last week, in line with experts’ predictions. (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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