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Forex pairs in this Article » EUR/USD, GBP/USD, USD/JPY (San Francisco) - The ECB used the big guns today in his pursuit for a weaker euro as Bloomberg reported that ECB is considering lower deposit rates to -0.1% if more easing is needed. Then the Euro sank against the Dollar, the Pound and the Yen.

In addition, the FOMC minutes showed the Fed is willing to start taper as soon as next few meeting if data continues its progress. In this framework, the USD advanced against majors competitors.

The EUR/USD declined from 19-day highs at 1.3580 to break below the 1.3450; however the 1.3415 key support contained the movement. Now the EUR/USD is trading at 1.3440, "in the 4 hours chart technical readings present a strong bearish momentum as price accelerates below both 20 SMA and 200 EMA," comments's Valeria Bednarik. "1.3380 comes as immediate support yet a break below will expose 1.3280 area, 100 pips below and post ECB rate cut low."

The EUR/JPY collapsed around 180 pips in a single day from fresh 4-year highs at 135.95 to break below 134.60 and test the 134.15 dynamic support. The Euro closed Wednesday at 134.40 against the Japanese Yen.

After a brief adventure above last days range, the GBP/USD fell from 1.6187 and returned to the 1.6100 area. The USD/JPY kept the 100.00 level with the pair moving in narrow range between 99.90 and 100.25 and closing the day at 100.05.

The story was pretty different in the AUD/USD as the Aussie lost the last 3-day gains with declines from 0.9450 to test 0.9315 levels. Pair shows a pretty bearish figure in the 1-hour chart and it is focusing the 0.9290 key support.

Main headlines in the American session

US: Retail Sales (Oct.) up 0.4%

US: CPI (Oct.) rose 1.0% YoY

US: Existing Home Sales down to 5.12M in October

Increased speculation of a negative ECB deposit rate

FOMC: Taper likely in coming months on better data

Wall Street get intoxicated from minutes
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