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Edges to $1.1980 But Progress Toward $1.2000 Proves Laboured

EUR
MNI (London)
  • Retains a firm tone in early European trade with models continuing to suggest that month-end fixes to see decent USD sell interest to emerge.
  • Rate claws its way to $1.1980 with the $1.2000 level moving within touching distance.
  • Technical traders view Friday's close above the $1.1920/26 area as positive, seen exposing the Sep1 high of $1.2011.
  • However, short term market looks to be well positioned for this move which could see rate's upside progress countered by profit take interest on the approach to $1.2000, let alone $1.2011.
  • US returns with a full session following last week's Thanksgiving holiday.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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