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Forex Trading StrategiesEURUSD breaks 1.1900 in Asia!
The pair traded to a high of 1.1906 in Asia, but we look for a break of 1.1933 to take this pair into bullish territory.
MAJOR HEADLINES PREVIOUS SESSION
The German government will this month say it expects the economy in 2006 to grow faster than previously estimated (Spiegel magazine)
The economy may expand as much as 1.8% (draft of an Economics Ministry annual report)
Current official forecasts show the economy growing 1.2% next year, after 0.8% in 2005.
"I can't guarantee that interest rates will stay eternally at their current low levels,'' ECB council member Guy Quaden said in an interview with Trends-Tendances, a weekly Belgian magazine, published on Dec. 29.
"We will always act if we see risks to price stability'' ECB Chief Economist Otmar Issing told Germany's Boersen Zeitung
daily in the text of an interview e-mailed to news agencies Dec 30.
The currency also advanced after a manufacturing industry index showed a gain for the first month in three.
The index that measures production rose 8.9 points to 53.1 in December from November, the Australian Industry Group and
PricewaterhouseCoopers said in a report released in Canberra. A reading above 50 indicates industries are expanding.
"We see risks of the Reserve Bank tightening this quarter,'' said Ashley Davies, a currency strategist at UBS AG in Singapore.
"Consequently we think that the bias is for the Australian dollar to strengthen'' to 75 cents over three months.
THEMES TO WATCH UPCOMING SESSION
Germany's Dec Unemployment Rate expected to be at 11.5% similar to the prev period's figure.
French GDP QoQ expected at 0.7% for 3Q up from the previous 0.1%, YoY expected at 1.8% for 3Q up from the previous 1.1%.
Note: the support/resistance levels used in the matrixs of this document are levels derived from yesterday high, low and close. Reference in the text to other support/resistance levels will occur.
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