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Forex Fundamental Analysis: The yen reached the 7 year low

Forex Fundamental Analysis: The yen reached the 7 year low

The German Ifo Institute surprising data supported the euro on the yesterday’s trading. The Germany business community rose in November to 104.7 from 103.2 in October after declining for six consecutive months. The Germany reports about the final GDP assessment for the 3rd quarter will be in the center of our attention, the forecasts suggest the absence of change and the data fixing at the level of + 0.1% q/q, + 1.2% y/y, as announced earlier.

The pair was demonstrating a positive sentiment, corrected towards the level of 1.2500-1.2520. This mark was to provide resistance at this stage.

The support levels are 1.2405-1.2425, and the resistance levels are 1.2500-1.2520.

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