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Euro went back and forth in the course of the last week, going below 1.09 handle initially, but rebounding by the end of the week and finishing it well above 1.09 level. However, we still believe that there is plenty of resistance for this pair above 1.10 handle, and it remains stuck into consolidation between 1.08 and 1.12 handle. As for next week, we would be more focused on US data and by the end of the week on Eurozone

GDP figures. Pair is likely to find some amount of support around 1.0850 area and resistance above 1.1050 level so these would be our short-term buying and selling points. On a long-term basis, we would remain on the sidelines for this pair as there is no any clear sign of the trend at the moment. However, we are more willing to sell this pair on rallies, as Fed rate hike is coming near and this could cause serious downtrend in euro.

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