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Forex: EUR/USD finishes the week +1.06%, resistance at 1.3150 still in focus

FXstreet.com (Barcelona) - The EUR/USD finished sharply higher for a second straight week, closing up 138 pips at 1.3110. The pair is now up 2.42% in just the last two weeks. Dip buyers stepped in take advantage of early weakness during the New York session, with the pair establishing firm support near the 1.3040 level which held firm on numerous attempts and helped the pair drift higher later in the day. The pair is currently up 4 pips in early Asia trade at 1.3114.

“In the week ahead, Draghi appears before the European Parliament. In addition Eurozone CPI and German ZEW will be released. If the former falls lower than its flash estimate for March inflation of 1.7%y/y, it will increase fears that the renewed slowdown in the Eurozone's economy will trigger a monetary response from the ECB, noted Mansoor Mohi-uddin of UBS

From a technical perspective, resistance near the 1.3150 (100 DMA) area continues to be the key pivot to watch on the upside. A trade above this level could open the doors to 1.3201 (daily upper pivot), followed by 1.3289 (weekly upper pivot). First support is at 1.3065 (daily pivot low), followed by 1.3020 (daily lower pivot).

Tales from the currency war: EUR/USD & USD/JPY

After flirting with the 100.00 frontier during the Thursday session, the USD/JPY traded lower on Friday to the 98.60 region and, following a consolidation period, the pair was ready to close the week at 99.00. But suddenly the US Treasury took the scene and they affirmed US "will closely monitor Japan's currency policy" and will press to Japan to refrain its Yen devaluation.
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Forex: USD/JPY rally stalls out, closes NY Session down 143 pips at 98.35

The USD/JPY rally finally ran out of steam on Friday, closing the New York session down 143 pips at 98.35. On a weekly basis, the pair still managed to finish slightly higher (+0.54%), although well off the highs established earlier in the week at 99.94. Market participants should be aware that later in the session (1:30 GMT), Bank of Japan Governor Kuroda will again be speaking about monetary policy in Tokyo. The pair is currently trading 21 pips higher at 98.48.
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