Last week, the dollar continued its short term rally versus
the Euro, reaching as low as 1.2477. Technically, this level
corresponds to the daily 100MA. The greenback may push further
early next week, towards 1.2415 (38.2 ret. of the 1.3664 -
1.1642), but we expect the downward short-term trend to come
to an end around this level. A failed test here should see
the pair edge higher towards a test of 1.2670, a break of
which would bring the mid-term bullish outlook back into focus.
As the pair is nearing its consolidation area support, we
can expect sideways price action, before Euro bulls gather
their strength for a first attempt at 1.30 this year.
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