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Euro boosted by sentix report
The euro is trading at $1.3598; the currency had drifted lower in early morning trading, but the surprisingly good investor confidence number from the eurozone triggered short covering.
It is encouraging to see investor confidence is picking up in the eurozone, less than two months after the European Central Bank cut interest rates to yet another record low.
There are no other major economic announcements expected from the eurozone or the US, and I expect EUR/USD will remain below the $1.36 handle for the remainder of the session.
Tomorrow, Germany and France will release the latest trade figures. As I previously stated, I predict the economic indicators from the eurozone will continue to paint a picture that the region is in decline, which will weigh on the currency. The short-term target for the euro is $1.3560 and then $1.3520.