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EUR/USD: Further upside potential up to 1.33

The euro spiked higher on Tuesday above 1.32 as investors appear happy to move away from the safe haven dollar and take on more risk. With the Federal Reserve willing to expand its balance sheet, it looks like it won’t be until the ECB steps in and starts talking about printing euros before the current rally could come a halt. At 1.3234 at the time of writing, the bulls are targeting higher at 1.3285 and 1.33. The upside penetration of the 1.33 level could open the door for the recapture of the 1.34 area, but we do expect choppy price action and a bit of noise on the way up. The main support area for the bulls to watch sits at 1.3155. A break below that area could open the way to 1.309, although this scenario is hard to imagine at the moment. Onto the main topics of the day, traders will be focusing on the German Ifo Survey during European hours. Later today eyes will be on the US Housing Starts Report.

Dafni Serdari
Market Analyst
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