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Monday, December 19, 2011

Another Decline in European Current Account

Data released pre-market today shows another decline in the European Current Account, as shown on the graph below (courtesy of www.forexfactory.com). Rarely has it been above zero since 2005.


The important support level of 1.3 was breached overnight on the EUR/USD as shown on the Daily and 4-Hour charts below...another break and hold below this level could send price down to the next (confluence) support level around 1.277.