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EURUSD 2017-11-29 Intra-day analysis

Tax reforms senate hearing and Powell's comments push USD higher

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Daily Forex Market Preview, 29/11/2017

The U.S. dollar closed higher yesterday on the back of the President Trump’s tax reforms hearing advancing in the senate. Investors are hopeful that the tax reform plans could soon be implemented after the bill moved to the senate. Elsewhere, Fed nominee Jerome Powell’s confirmation hearing got underway. The potential candidate indicated his preference for normalization of interest rates and maintaining the Fed’s balance sheet unwinding program.

On the economic front, data yesterday saw Japan’s retail sales declining 0.2% this year which was below estimates of a 0.1% increase, and posted declines following a 2.3% increase previously.

Looking ahead, the U.S. third quarter GDP (Second Revision) will be released. Economists polled expect the GDP to be revised higher to 3.3% for the quarter, slightly higher than the preliminary estimates of 3.0%.

The Fed chair, Janet Yellen is expected to testify to the Joint Economic Committee in Washington today.

EURUSD intra-day analysis

EURUSD (1.1853): The euro extended declines for a second consecutive day following the brief rally towards the 1.1950 handle. Price action is likely to remain trading within the band of 1.1950 resistance and 1.1700 support in the near term. In the short term, EURUSD is expected to see some modest movement upwards, towards 1.1920, where a retest of the breakout from the rising median line will signal further declines. If the current support fails, then EURUSD could be seen correcting towards 1.1710 level after retesting resistance level. Alternatively, in the event that the currency pair manages to breakout above 1.1920, we expect to see further gains coming, which could see the euro retesting the 1.2000 handle.

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