Since New Year EURUSD has significantly declined breaching a few major support levels and reaching its low from beginning of 2011. Current movements on main pair ought to be accounted mostly for slight improvement in U.S. economy. Monthly data from U.S. labor market, the most FX-influential figure each month, emerged to be largely better then both forecasted and previously observed figures, which justifies USD appreciation during Friday. From technical point of view EURUSD has reached 1.2670 area which might turn out to be significant support level. Plausible upward correction may take us back even to level of 1.3460. Regardless of plausible upward correction we remain bearish about main pair. In scenario of further declines on EURUSD, we would expect some consolidation around level of 1.2600.
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