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Can Euro Break 1.1200?
It’s been an extraordinarily quiet week for the EURUSD which has been trapped in 50 point range for with little movement in the past few days. The market appears to be in equilibrium as traders await the next batch of data next week that could provide some light on relative growth prospects of both US and EZ.
Meanwhile, tomorrow’s EZ Flash PMIs often serve as the earliest indications of conditions on the ground. Markets anticipate a slight decline perhaps tempered by a pullback in French data. However, if the data surprises to the upside it could provide a much-needed lift to euro bulls and shake the currency out of its stupor as it would suggest that growth in EZ region is actually accelerating which may force the ECB to curb QE faster.
Technically the pair remains in a 1.1000 -1.1300 corridor, but a break above 1.1200 would provide it with an upward bias and possible move all the way towards 1.1500.