EUR Trading Outlook (07-02-2013)

The Euro (EUR) came under pressure as verbal sparring between France and Germany over the current exchange rate of the Euro intensified. The EUR/USD spiked initially after a comment from Germany that the Euro isn’t overvalued. This was short-lived as France put the EUR/USD on the agenda at Monday’s Eurogroup meeting. Profit taking set in during the US session as traders book profit ahead of the ECB meeting today. Draghi’s press conference will be the main event today especially in regards to the recent Euro strength.

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