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James Hyerczyk
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EUR/USD

The Euro is trading slightly lower late Friday after clawing back most of its earlier loss on a sudden turnaround in the U.S. Dollar. Treasury yields rose, which should have pressured the single currency while supporting the greenback, but that wasn’t the case. Steady demand for risk also helped underpin the Euro.

Nonetheless, the price action suggests the moves may have been fueled by position-squaring ahead of the long U.S. holiday weekend. The U.S. financial markets are closed on Monday due to President’s Day.

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At 18:42 GMT, the EUR/USD is trading 1.2122, down 0.0010 or -0.09%.

Daily EUR/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart, but momentum has been trending higher since the formation of a closing price reversal bottom on February 5.

A trade through 1.1952 will negate chart pattern and signal a resumption of the downtrend. The main trend will change to up on a move through the last swing top at 1.2190.

The minor trend is also down. A trade through 1.2149 will change the minor trend to up. This will confirm the shift in momentum to the upside.

The main support is a retracement zone at 1.2074 to 1.2010.

The minor support is 1.2100 to 1.2071.

The two support zones form a support cluster at 1.2074 to 1.2071.

The short-term range is 1.2349 to 1.1952. Its retracement zone at 1.2151 to 1.2197 is potential resistance.

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Short-Term Outlook

The nearest support late in the session is 1.2100, followed by the support cluster at 1.2074 to 1.2071.

On the upside, a minor resistance cluster comes in at 1.2149 to 1.2151. Overtaking the upper level of this area could trigger a late session surge into 1.2190 to 1.2197.

For a look at all of today’s economic events, check out our economic calendar.
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