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The euro is proving to be almost beyond resilient, so Mr. Dijsselbloem’s comments that the euro is perhaps ‘too strong’ are possibly right on the money.
Today EUR/USD is once again making half-hearted attempts at pushing through 1.37. If this upside is to be sustained, however, it would be preferable to see a break through the 1.3740/50 level. The last attempt at this metric was back on 24 January. With little in the way of macro data today, traders may be waiting for the release of tomorrow’s all-important PMI data to help decide direction.
The key obstacle between current prices and $1.40 is 1.3830, and downside resistance coming from the long-term trendline from the 1.6040 all-time highs.
The 50-daily moving average at 1.3650 should offer intraday support, with the ultimate foundation coming from the rising five-month trend at 1.3475/90.