EURUSD rose on Friday and closed at 1.3737. The President of the European Central Bank confirmed his stance to take proper measures if needed in case the inflation in the Eurozone continues to be below the target of the central bank. He also added that the ECB meeting in March will be the key point where the bank has to decide if there is going to be any additional stimulus to support the nascent recovery in the region. On the other side of the ocean the President of the United States Federal Reserve in Saint Louis James Bullard projected continuation of the tapering of the asset purchase program of Fed. Bullard blamed the unusual bad weather for the soft economic data that’s flooding the markets lately.
A report from Germany today indicated that the German Ifo Business Climate rose unexpectedly to a reading of 111.3 in February. Separate report indicated that the Consumer Price Index in the Eurozone rose 0.8 percent on an annual basis in January.
Support for the EURUSD is seen at 1.3680 and resistance is seen at 1.3770. The HotForex Traders Board shows that 73 percent of the traders are short on the EURUSD.
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EURUSD trading higher after better than expected data from Germany
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