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Forex Trading Strategies EURUSD breaks 1.2000 support!
US existing home sales upside surprise turned to dollar strength with US Treasury yields also rising after the US data.
MAJOR HEADLINES â€“ PREVIOUS SESSION
â€˘ US Initial Jobless Claims March 18, 302K vs. 305 expected.
â€˘ US Continuing Claims March 11, out at 2472K vs. 2475K expected.
â€˘ US Existing Home Sales Feb, out at 6.91M vs. 6.50m expected.
â€˘ New Zealand's GDP Q4, -0.1% vs. 0.2%. New Zealand's FM Cullen, was noted saying that the unit had further to fall as the imbalanced economy headed for a soft landing.
â€˘ Asian ranges very narrow after the dollar strength across the board in late European trading.
THEMES TO WATCH â€“ UPCOMING SESSION
We saw EURUSD once again getting rejected and not being able to maintain gains as we have seen 5-6 times before. But this leave us with a range bound pair once again just increasing the size. We will closely watch the daily closes for the majors today, to help grasp next week's trend. Looking ahead 1.1820 in EURUSD, 1.3240 in USDCHF and 119.40 in USDJPY is some of the levels that needs to be taken out to if dollar strength should continue further out.
Note: the support/resistance levels used in the matrixâ€™s 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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