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EUR / USD Technical and fundamental Analysis on Friday, August 31 .. Valid until the end of next week

The Euro/dollar currency pulled back during the first half of trading yesterday, however, find some support around the 1.1650 region as well as in the level of 1.16. As of this writing, the market is expected to rally for some time since the trade deal will be signed in North America and may show a “risk on” sentiment in the market generally. On the other hand, Turkey’s issue was reduced in priority since people do not really fear about it, and this further helped the single European currency to have some “relief rally”.

Be noted that there is a tendency to move above the 1.18 zone, which is the top of a significant consolidation region. A break on top of that area or near the 1.1850 would likely help the Euro to reach above the 1.20 mark, an area that is expected to be attractive since it appears important on the longer-term charts.

Technically Euro's decline to 1.1642 yesterday due to continued weakness in the Turkish lira confirms recent strong upmove has made a temporary top at Tuesday's fresh 4-week high at 1.1734 and despite subsequent recovery in New York afternoon on short covering, consolidation with downside bias remains for said erratic fall to head towards 1.1594, oversold condition should keep price above 1.1555.

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