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The return of Greece to bond markets has at least helped to counteract recent anaemic economic news. Assisted by US dollar weakness, the euro has been allowed to ignore increasing hints from the European Central Bank that the currency may be too high.
Some cautiously dovish commentary from Germany has given the impetus to traders to push the euro higher, and we are now looking for a close above $1.39.
Resistance is only a short distance away, as we head towards $1.3950, but the sequence of higher lows and higher highs witnessed in EUR/USD means that this uptrend does remain quite healthy.
As we approach the weekend, it should be noted that Mario Draghi will be speaking in Washington on Saturday. We will be looking out for any comments that reveal his thinking about the current strength of the euro. Any suggestion that he believes it is too high could result in heavy selling on Monday, so caution is advised.