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EUR recovery expected to continue

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov observes that the EUR is above the main daily support at 1.2650 and should keep on climbing towards 1.2730 then 1.2800 and finally 1.3000.

Key quotes

"However it is too early to say that any downside is over as the daily indicators are showing unstable recovery."

"On Tuesday there will be plenty of economic data releases and the most important among them will be the Germany's ZEW and US Federal budget. ZEW is expected to be a lot worse than previous and the US budget data to be better, so it is quite possible after today's recovery the EUR to turn south tomorrow."

"On Wednesday the most important will be Germany's CPI and US retail sales, also Mr. Draghi will speak Wednesday evening European time."

"Thursday will offer a lot data from the US including jobless claims report, Philadelphia FED index and Total Net Treasury International capital (TIC), it is possible for the dollar to become under pressure as the expectations are for the same data as the previous month."

"On Friday we shall have again more news from the US including Preliminary University of Michigan Confidence and also Mrs.Yellen will speak, and if we have an EUR recovery started on Thursday it is quite possible the recovery to continue on Friday too."

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