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EUR/USD: Is the long-term uptrend over?
As my colleague Joe Perry eloquently noted this morning, we’ve seen a dose of strong US data this morning, boosting the US dollar. Meanwhile, the euro is one of the day’s weakest major currencies on the back of a weak construction report and downbeat economic comments from new Italian PM Mario Draghi. Looking at the chart of EUR/USD, rates are trading back near the psychologically-significant 1.20 level after putting in a series of lower highs and lower lows so far this year; rates have only closed below the widely-watched 1.20 handle once since November. Taking a longer-term perspective, the world’s most ... (full story)