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Forex Flash: EUR/USD falling on profit taking? – ANZ

According to the ANZ Research Team, “The euro’s sharp fall over the past 24 hours can be one of two things: Either the market is pricing in a more protracted ‘pause’ in US economic growth or it has just succumbed to an aggressive bout of profit taking.”

“We feel the latter is more likely as investors are proving fleet of foot in protecting profits following the brisk start to the year and given some uncertainty ahead of next week’s G20 meeting and the forthcoming Italian elections.” they add. It is noticeable that established trends across asset classes gave ceded ground in the past 24 hours.

Likely, the euro is either normalizing or within established trading ranges as officials are expected to watch the consequent pace of appreciation.

Gold trading at $1674.71

The price of gold approached the upside boundary of its near-term range at 1682, following yesterday’s rally from the levels close to the range floor that cracked the triangle resistance at 1686. However, according to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “Sideways movements within 1657 and 1682 illustrate a neutral near-term tone, with break of either side required to establish fresh direction.”
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