EUR/USD: Daily Trading Analysis For November 7, 2014

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Fundamental Analysis:

The Euro slid against the US dollar during Thursdays trading session after dovish comments from European Central Bank President Mario Draghi strengthened the dollar against of its peers on Thursday.

Draghi said earlier that the ECB would soon begin purchasing asset-backed securities to prop up the economy.

The program will run for two years and have a “sizeable impact” on the ECB’s balance sheet, Draghi said.

He added that the governing council is unanimously committed to taking further “timely measures” if needed, which sent the euro dropping.

The ECB’s current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, known as quantitative easing.


Technical Analysis:

Intra-day bias remains bearish as we have 21 and 55 EMA crossed downward. We also have SSRC, MACD and RSI oscillators showing more bearish momentum. More decline to 0.76318(weekly support 2) is expected.

Tomorrow investors will be watching out for Non Farm Employment Change and Unemployment Rate.

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