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Euro supported by positive German data
EUR/USD is trading at 1.1339, up 0.24% at the London open on Monday, following the release of better-than-expected trade balance data from Germany. A print of 21.8 billion beat expectations of 18.3 billion, and was up from its previous level of 17.9 billion (revised form 17.7 billion). Having touched an overnight low of 1.1290, EUR/USD rallied to its current level, where it is likely to come under some resistance from the pair’s 200-hour moving average, currently placed at 1.1363. Should topside be broken then we are a likely to see a leg higher, with targets at the 100-hour moving average (1.1398), which if offered sustained support could see a re-testing of 1.1440. However, should bears continue to win over bulls and the 200-hour moving average hold, then a re-testing of the overnight lows of $1.1290 is likely, and if this is broken we could see a move lower to the 1.1186 level.