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    EUR/USD plunges below 1.10 for first time since 2003

    © Dukascopy Bank SA
    "The Eurosystem will follow an internal benchmark when coordinating its purchases, with some flexibility for the NCBs to purchase their shares within the universe of eligible instruments."
    - European Central Bank (based on Bloomberg)

    Pair's Outlook
    As estimated, downward pressure on the EUR/USD currency pair remained strong yesterday, caused by the ECB monetary policy meeting in Cyprus. The bears have even managed to send the pair below 1.10 for a short period of time, which marks the lowest level for this cross since the third quarter of 2003. Despite that, a daily closing level stayed just below the weekly S2 at 1.1028. Meanwhile, technical indicators on all time-frames are now mixed, meaning that a sideways development became a more likely scenario. 

    Traders' Sentiment
    Bullish opened positions at the SWFX market are accounting for 51% in the morning on Friday. Pending orders to buy the Euro against the US Dollar in 100-pip range from the spot have dropped to just 33%.

    © Dukascopy Bank SA

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