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EUR/USD still struggling for traction ahead of the ECB this week

The EUR/USD is struggling to make any progress. Indeed it was that way all last week too. The EUR/USD did avoid a fall below the 1.0900 handle though. That 1.0900 handle was the exact low of the range and it closed on Friday at 1.0937. It has traded a range so far today covered by 1.0915 to 1.0942. The close on Friday was literally just one pip above the current 100 day moving average and all the while below that level on a sustained basis, the outlook is not especially favourable. Of course with the ECB set to lower rates by at least 0.25% later this week, that remains a headwind for the Euro. If the 1.0900 handle does crack, then the next important technical level is in place at 1.0874 and that is the current price point of the 200 day moving average. This is still on the radar at the start of this week. The EUR/USD is currently trading at 1.0925 

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