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Forex: EUR/USD below 1.3400 since 13:00 GMT

A fight for the win at the 13:00 GMT options cut sent the EUR/USD to the 1.3400 surrounding area. Right before the scheduled hour, the price dropped quickly to 1.3380, where it has been holding against further downside. The market is digesting the movement as the American money flows enter the game.

The economic calendar is empty. Exception made for the FOMC member Yellen speech at 18:00 GMT.

“I should note that reaching the level of 1.3330 will be enough for the market, but so far the structure of the movement indicates that the price may reach only the level of 1.3340”, wrote Roboforex.com analyst Igor Sayadov, pointing that if the pair forms a five-wave correction, the price may fall down and reach the level of 1.3240.

Gold trading at $1650.76

Gold’s near-term structure weakened Monday, as the price broke below the bull-trendline (drawn off 1651 low), following several attempts at 1684 (near-term congestion tops and daily Ichimoku cloud base). According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A fresh weakness persists through the 1666/63 supports, which sees scope for an extension of the third wave from 1684 (part of broader reversal from 1695), towards initial target at 1657 (Fib 61.8% expansion).”
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Forex: USD/JPY consolidating below 93.50

After breaking 93.00 in the European session and touching the 93.50, the USD/JPY is trading in consolidation mode following the latest bullish movement from 92.50. Currently the USD/JPY is trading at 93.25, 0.55% positive on the day.
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