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EUR/USD Forecast 11/11/2013

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EUR/USD Chart 11/11/2013
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The Euro gains traction during early European trading, mostly due to light profit taking ahead of important data from the continent in the next couple of days

We are entering a new range on the hourly charts and this will provide u with the next impetus in the major EUR/USD binary options forex pair. European GDP numbers and trade numbers will be the catalysts for the next move.

Friday brings us another important event that might set course for the next big move in this pair - the Eurogroup meeting that should provide us with clues about the single currency's future

The EUR/USD is slowly moving up this European Morning ,with the markets out of the US closed for the Veteran's day holiday. Deals are settling around 1.3395 currently with the Asian session setting a low at 1.3345 and the pair very methodically moving higher since then.

While our bias remains to be sell puts on rallies on an hourly basis, we would prefer to do that around the important resistance level at 1.3425 initially. The range seems to be settling in between 1.3320 and 1.3420 with the downside remaining intact today.

Friday's great numbers out of the US, which created 204,000 jobs during the month of August provided impetus for the US dollar to rise, hence the EUR/USD to fall, but it wasn't enough to brake Thursday's low just below 1.33.

We would await rallies towards 1.3420-25 initially to sell an hourly option, should that not happen we will wait for another piece of data out of Europe with the hottest numbers on inflation tomorrow and on French and German GDP, which will be announced on Thursday. Happy trading in this week which will certainly provide us with ample profiting opportunities!

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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