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Good day forex trading koalas.
In the previous review, Senior Forex Koala Masoud mentioned that the holiday season may bring about exceptional low market liquidity and the Euro Zone Deficit Crisis remains a focus of the foreign exchange market. He advised that taking a break from forex trading until the new year may be a wise decision.
Looking at the EUR/USD chart above, we can see that the EURUSD has been ranging for some time now. While it looks like the 1.3090 has failed for now, likewise we have seen often that the price may turn direction at times. The 1.3090 line is probably a strong support.
The S&P 500 is doing good and this suggests sentiment towards the US remain positive. The US unemployment claim came in slightly better than expected giving investors hope that the jobs market may be recovering. Furthermore while the US New Home Sales came in slightly lower than expected, it is still an increase versus last month.
Across the Atlantic, more news regarding the deficit problem is surfacing. The Allied Irish Banks is getting a fresh bailout and this will probably affect sentiments. Investors are concerned about the Euro Zone and it’s ability to fight off the spread of the deficit crisis.
As we move into Christmas Eve tomorrow, many financial markets are closed and hence watch out for low volume market conditions.
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