EUR Trading Outlook (22-03-2011)

The Euro (EUR) pushed above 1.4200 as the market turned risk on and punished the USD. EUR/JPY is providing lots of support and could continue to break higher if more intervention emerges. Market expectations of a rate rise at the next ECB meeting are firming as more members make hawkish inflation fighting comments. Overall the EUR/USD traded with a low of 1.4135 and a high of 1.4242 before closing the day around 1.4215 in the New York session.

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