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The dollar is seriously overbought in relation to the single European currency, and the rebound is self-evident. However, an excuse is still needed but this is exactly the problem we have today. The fact is that there is no data in Europe while in the US, it is expected that housing sales in the primary market will grow by 1.9% despite the projected slowdown in the growth of house prices from 6.4% to 6.3%. Thus, the U.S. data will balance each other, especially since sales growth is much more impressive than the price reduction.
The EUR/USD currency pair showed an active downward interest and reached an important support range of 1.2160 / 1.2210, where it slowed down the movement. It is possible to assume that there is a characteristic overheating of short positions, where the quotation will probe the fulcrum to form a further correction. In this scenario, we have our range of 1.2160 / 1.2210, where, perhaps a primary stagnation, followed by a rebound in the form of correction.
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