Euro Outlook
The u.s. Currency rose after the payrolls data on friday reported an expected increase of 97,000 in february, plus an upward revision of previous months figures. Consequently, the euro fell quickly to as low as 1.3084 before returning to almost its morning’s level… the data showed that the u.s. Economy is still doing fine, which eased speculation that the fed may be cutting rates soon… this has comforted investors for more carry trades, mainly against the yen.. For the very short-term, the euro’s trend is uncertain, as it has positioned itself in a neutral shape on the charts, whereas it can fall to 1.3045 if it breaks below 1.3085; or it can rise to 1.3210/20 if it breaks above 1.3150… for the medium-term, the trend will remain to the upside, unless an hourly close below 1.3060 is seen, reconfirmed by a quick fall below 1.3015… this will call for lower levels, first at 1.2990 then at 1.2910 and 1.2865… however, we still favour a retest of upper levels of 1.3260/1.3295 at the present stage, unless 1.3060 gives way…. The longer-term trend will remain euro-bullish unless a daily close below 1.2910 is registered…
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