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Forex pairs in this Article » EUR/USD (Barcelona) - The single currency seems unstoppable this week, pushing EURUSD over two figures higher since Monday, when it was trading around 1.3420

& ECB to blame?

Looking back to July 2012, it all started with Draghi's notable words "we will do whatever it takes to support the euro", hinting at more than a personal commitment to save the bloc currency. Then followed another leg of support when he predicted that the 17-nation bloc would perform better over 2013. So far, it seems a cavalcade of positive events or announcements all pointing to a recovery in the euro zone via increasing optimism per se and rising outflows from safe havens into the euro.

Although the solidity of this upside was questioned at first hand, late better-than-expected results in the euro zone fundamentals, accompanied by a swelling wave of risk appetite and investor confidence continue to reaffirm the currency ascent, now changing the question to whether the cross would breach 1.38 or even 1.40 in the near/medium term.

All in all, nothing arises strong enough in the near term horizon to dent this momentum, not even today's Non-farm Payrolls figures, which they would need to be extremely out of the ordinary to affect the cross via the greenback. A profit taking session should not be ruled out in the upcoming sessions - healthy in every strong upside - though it may only prove temporary, if only just to 'purify' the markets.

"EURUSD has traded through the 55 MONTH moving average at 1.3564 and the top of the daily channel is 1.3590. This was a tough band of resistance - we will need to see a weekly close above here to confirm the break but acknowledge while above the short term uptrend at 1.3425 the market is bid", writes expert Karen Jones at the German lender Commerzbank.
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