After reports about changes to Russia’s nuclear doctrine, the euro dropped to 1.0524. However, it stopped falling near the previous day’s low and eventually recovered to previous levels. Since the Trump rally pushed it down to 1.0497 on November 14, the euro seems to be gradually building a solid base.
If it breaks above the previous day’s high of 1.0606, further buying is expected. However, with speculation about additional ECB rate cuts still lingering, the upside may be limited. Selling on rebounds might be a good strategy.
EUR/USD Forecast Range: 1.0660 (50%) – 1.0570
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