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Fading Dollar Tips EUR/USD Toward Bull Trigger

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  • Greenback fading through to the US cash equity open, with Lagarde saying little to push back against the EUR/USD strength, resulting in new highs at 1.0956 as the greenback fades against all others. The pair's rally is resolutely bullish, and shifts upside focus to 1.1017, the late November high and the bull trigger for prices.
  • Volumes are solid so far Thursday (echoed by options demand, as flagged earlier) with the best volumes of the day going through in EUR futures on the latest leg up to daily highs.
  • Fading dollar supporting spot gold in tandem, which touches a new weekly high and narrows the gap with 2041.26, the next intraday upside level.

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