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Last Update: 29th july 2013
As we expected, the EUR/USD continued upward and reached our target around the 1.33 area.
This week, a lot of important data is due to be released. On Thursday, we have the interest rate decision out of the euro-zone, while on Friday; the US Non Farm Employment Change is set to be announced. This data can set the direction for the EUR for the near future.
On the technical side, the pair broke above 1.32 and reached 1.33, where it found some resistance. If it advances higher than 1.33, it can climb to 1.34 – a major resistance level, where it will also hit from below the 200 SMA on the weekly chart. A break above 1.34 can signify that a new uptrend is forming.
If the EUR fails to break up and trades below 1.3220, it can retrace back to 1.3160, followed by the 1.3080 area, where it will hit the 200 SMA on the daily chart from above.
Do remember, this week can be very volatile and choppy, so trade accordingly.
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