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Chart of the day: Euro continues to struggle

PUBLISHED : Thursday, 05 November, 2015, 11:16pm
UPDATED : Monday, 09 November, 2015, 12:01pm

The European Central Bank's Mario Draghi insists he will do "whatever it takes", and so the euro continues to struggle against other currencies, including the British pound. Trapped in a steady decline since 2013, this year saw an acceleration below its bottom edge, followed by a long, slow A, B, C-type correction. Best summed up as boring rectangle consolidation as it was so slow. However, it is suddenly looking more interesting, a sharp sell-off from the top of the pattern coincides with the bottom of the channel and the weekly Ichimoku cloud. A sustained break below 70 pence, maybe in thin year-end markets, suggests the trend will continue.

 

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