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Forex pairs in this Article » EUR/USD
FXStreet (Córdoba) - Valeria Bednarik, chief analyst at FXStreet notes that US data could offer EUR/USD strngthe to break above recent highs, targeting 1.3740/60 in the short term.

Key Quotes

"At least one can argument buyers are pretty stubborn when it comes to the EUR/USD: despite the strength of selling interest aligned around 1.3690/1.3710, the pair continues pressuring the level, surging this Friday up to 1.3713. European macro data resulted pretty positive this Friday, with GDP readings all through the area showing signs of improvement".

"On the other shore of the Atlantic, later today the US will release Industrial Production and Consumer Sentiment reports, and considering latest readings had been quite disappointing, there's a good chance the numbers will miss expectations: in that case, the pair may find the support required to finally break the key resistance area, targeting in the short term 1.3740/60 price zone".

"Technically, the 4 hours chart presents a slightly bullish tone, as price develops above moving averages and indicators stand in positive territory, although showing not much strength at the time being. A strong acceleration above mentioned 1.3750 area, should lead to an approach to the 1.38 figure, while a weekly close nearby, should anticipate further gains for next week".

"Immediate support comes around 1.3650/60 recent lows, and if below, the downward movement may extend towards 1.3610, albeit buyers will probably defend the level, triggering bounces if reached".
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