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by ForexNewsNow Team on October 4, 2010

EUR USD analysis: Euro slumps ahead of Bernanke speech

EUR USD analysis - Fed chief BernankeNEW YORK (Forex News Now) – The euro slumped against the dollar on Monday, pulling back from a 6-month high, as FX traders awaited a speech by Federal Reserve Chairman Ben Bernanke.

In late U.S. currency market trading, EUR/USD hit 1.3689, down 0.75 percent on the day, after pulling back from Friday’s 6-month high, 1.3792.

Bernanke was due to speak at an event in Providence; FX traders were likely to scrutinize his comments for clues to shifts in U.S. monetary policy.

The euro’s losses also came ahead of a spate of key interest rate decisions by central banks across the world, including those of the euro zone, Britain, Japan and Australia.

According to EUR USD analysis, EUR/USD was likely to touch support around last Thursday’s low, 1.356, and encounter resistance around the high of March 17, 1.3818.

Also Monday, an industry report showed that pending sales of previously owned home in the United States grew more than expected in August.

Elsewhere, the euro slid jumped the yen: EUR/JPY traded at 114.15, down 0.54 percent, according to intraday analysis.

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