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Elementary, my dear Watson; It's simply a matter of inflation - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that the world is worried about low inflation, and the FED is no exception.

Key Quotes:

“Many participants observed the committee should remain attentive to evidence of a possible downward shift in longer-term inflation expectations,” according to the latest FOMC Minutes, released this US afternoon”.

“The dollar suffered a setback, extending its daily decline against the EUR to 1.2599, although the common currency gains were quickly erased”.

“Nevertheless, the pair not going down either, consolidating around pre news level around 1.2560”.

“Technically the 1 hour chart shows an increasing bullish potential, as per price advancing above its moving averages as indicators grinding higher above their midlines, while the 4 hours chart shows indicators advanced some above their midlines, whilst 20 and 100 SMAs converge around 1.2510, offering strong intraday support”.

“Some further advances should be expected towards 1.2620 immediate short term resistance, in route to 1.2660 strong static resistance zone”.

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