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EUR/USD – 1.31 holding despite early Monday test
Despite US stocks climbing slightly higher on Friday (S&P 500 +0.27%, DJI +0.28%), EUR/USD continued the downtrend that was catalyzed by the surprise revelation of a QE3 tapering timeline by Ben Bernanke during last week’s FOMC scheduled announcement. Considering that USD strengthened significantly on the back of Bernanke’s announcement, which pulled stocks lower as well, a technical rebound in stocks should in theory pull USD down as well, which would mean a bullish impact for EUR/USD. Looking across other majors, AUD/USD and USD/JPY were trading flat on Friday, unlike EUR/USD adding credence to the ... (full story)