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EUR/USD: Are the bears running out of breath?

The euro advance was halted last week after the ECB meeting on Thursday, with the EUR/USD falling from 1.37 at the beginning of the month to as low as 1.3349 last Friday, its lowest since January 25th. At 1.3372 this morning, we are sitting at a major support area 1.3369 – 1.3267, with the bulls trying to take the control back. As long as the uptrend line on the daily chart remains intact it looks like there is still enough buying power to drag the market back up again. After all, last week’s dip could be seen as a knee-jerk reaction to Draghi’s words or from a technical point of view as a necessary correction for the market to push higher. Any pullback all the way down to 1.3288 could be seen a good buying opportunity. Next levels for the bulls to watch sit at 1.3515 and 1.3648. In the alternative scenario, only a break below 1.3369 could delay the bullish movement in the market.

Dafni Serdari
Market Analyst
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