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EUR/USD looks to stay around $1.28
The aggressive move higher in EUR/USD on Wednesday was eaten into yesterday, and so far Friday’s traders are also looking upon it with a pessimistic slant. This is the quietest day of the week as far as economic data releases are concerned, however we will be hearing from Fed chair Janet Yellen at 1.30pm. Considering last week’s Federal Open Market Committee minutes, and to a lesser extent James Bullard’s outburst, it is highly likely that there will be clear dovish tones to her speech.
EUR/USD flirted with the 50-day moving average on Wednesday, which continues to weigh on it. Having dipped back below the $1.28 level, EUR/USD looks like it could stay around here for the short term.