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EUR/USD Forecast 20 Nov 12

Good day forex traders.

Welcome to a quick update of the EUR/USD. In previous updates we noted a test of the support region of 1.27. There was also a bearish trend line in the area.


Looking at the EUR/USD 4 hourly chart above we note that the currency pair unexpectedly adopted a bullish push. It has now reached the 1.28 region and is testing this resistance area.

This development is interesting as it shows that indeed forex is unpredictable. France was downgraded but the euro currency remained relatively unaffected. It is said that the market is more concerned about the meetings concerning Greece in the afternoon. Relief is apparently flowing from optimism.

Keep track of the outcome of the meetings. Trade safely.

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