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EUR/USD eyes $1.22
The downward trajectory of EUR/USD has abated over the last 48 hours, with this morning seeing German trade balance figures jump higher. This good news has been somewhat countered by France, once again disappointing, by posting a worse-than-expected trade balance and government budget balance.
As my colleague David Madden pointed out yesterday, EUR/USD has been eyeing up an attack on the $1.22 level and this has, for the time being, been put on hold. Today’s 35 point move higher might be welcomed but much of a move above $1.24 or approaching the 50-day moving average looks optimistic.