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EUR/USD: Scope for a deeper sell off – Commerzbank

Karen Jones, analyst at Commerzbank, notes that EUR/USD came under pressure last week and there remains scope for a deeper sell off to the 100 day ma at 1.1066, but we should see some stabilisation between here and the 3 month uptrend at 1.1057.

Key Quotes

“Intraday Elliott wave counts are neutral to negative. Overhead the market is facing tough resistance at 1.1190-1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Failure at the uptrend would target the 1.0981 29th November low.”

China’s ForeignMin: The removal of currency manipulator tag is 'in line with the truth'

Reuters is out with the latest comments from the Chinese Foreign Ministry, with the key headlines found below. The removal of currency manipulator tag
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US: CPI likely to accelerate slightly – TDS

According to analysts at TD Securities, the US overall CPI (forecast: up 0.3%) was probably boosted by gasoline prices, which were falling a year ago;
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