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The Euro-to-Dollar Rate Week Ahead: Consolidatory Trend Set to Extend
The Euro-to-Dollar rate is set to begin trading around 1.1220 at the start of the new week after gaining half a percent by last Friday's close, although the charts argue for more range-bound trading from the single currency in the days ahead. The 4 hour chart, which we use to determine the short-term outlook including the next 5 days, shows how the pair has formed a range since the start of July with a very clear floor and ceiling at 1.1195 and 1.1290 respectively. There is a good chance the pair could continue in this range over the short-term. Of course, there is also a chance of a breakout. A break above the range ... (full story)