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Forex pairs in this Article » EUR/USD
FXStreet (Edinburgh) - The EUR/USD remain within a narrow 20-pip range on Monday, hovering over 1.3700 as certainly not the most entertaining session is finally drawing to a close.

EUR/USD eyes on ZEW

The pair continues to exhibit its resilience around the 1.3700 handle, ahead of the key ZEW Survey in Germany and the EMU due tomorrow. Market consensus expects the survey to show better numbers for the month of February, which in turn could give further support to the EUR. “Our 12 mth forecast stands at EUR/USD1.28. This view, however, assumes that US growth accelerates in the coming months. A continuation of disappointing US data, combined with a fall in perceived deflationary risks in the Eurozone would pose significantly risks to this view and would enhance risks of EUR/USD entering into a 1.3700-1.4000 trading range”, assessed Jane Foley, Senior FX Strategist at Rabobank.

EUR/USD levels to watch

At the moment the pair is up 0.04% at 1.3704 facing the next resistance at 1.3716 (high Jan.27) followed by 1.3740 (high Jan.24) and finally 1.3776 (2014 highs Jan.2). Onthe flip side, a breakdown of 1.3608 (Kijun Sen line) would allow 1.3595 (daily cloud base) and then 1.3585 (low Feb.13).
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