EUR/USD: Key level for the bulls sits at 1.289
After a week of heavy losses that pushed the EUR/USD below 1.29, traders appear happy to take on more risk today and move out of the safe haven of dollar. At 1.2858 at the time of writing, the euro is enjoying some good strength against the greenback. We are in a bearish market but the 1.28 level is expected to offer quite a bit of support going forward. As the market is challenging a declining trend line at a key level, we are not shorting the pair unless we see a consistent break below Friday’s low at 1.279. In this case, we would expect the euro to fall apart all the way down to 1.25. In the alternative scenario, we need the upside penetration of 1.289 for buying the pair with target at 1.298, the 23.6% Fibonacci retracement from January’s high to March’s lows.
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