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This week's EUR/USD target will be 1.2350

FXStreet (Łódź) - In the opinion of Independent Analyst Vladimir Mihaylov EUR/USD will continue its decline this week with the target level now at 1.2350.

Key quotes

"Daily resistance is 1.2690 and the pair has no chances of breaking it higher."

"EUR is now extremely bearish as all bulls are dead and the dollar makes more gains after a lot better than expected NFP data."

"There is no so important data releases for Monday except Germany's factory orders which are expected to be worse too."

"Germany's industrial production on Tuesday may extend the EUR drop further and on Wednesday it is the FOMC meeting."

"Until that EUR will remain bearish but downside won't be so big, it is quite possible to enter in some consolidation ahead of FOMC."

"On Thursday there will be plenty of economic data and seems it will be a quite volatile day, as Mr. Draghi will speak too, we have the G20 summit starting on Thursday and again weak Germany's trade balance."

"However the initial jobless claims data may stop the dollar's progress. This week will close with the Federal Budget Balance which may cause some upside pullback."

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