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Forex pairs in this Article » EUR/USD
FXStreet (Edinburgh) - The EUR/USD is attempting another comeback to the vicinity of 1.3700 the figure on Monday, amidst thin trade and generalized absence of direction in the markets.

EUR/USD remains resilient near 1.3700

The pair keeps the upper end of the monthly range although it lacks conviction to follow through the 1.3520/50 area. Ahead in the week, advanced February PMIs in the euro area could lend the EUR extra support ahead of the ECB meeting due in early March. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, “EURUSD looks better bid but, to reiterate, the lesson of the past two months has been to fade the range extremes. Former channel support (now resistance) at 1.3881 and weekly trend resistance (off the 2008 high) at 1.3849 should serve as a cap on the market in the weeks ahead. Risk/reward considerations start to favour EUR shorts above 1.3750”.

EUR/USD key levels

At the moment the pair is up 0.02% at 1.3702 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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