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EUR / USD can’t break resistance at 1.2140

The EUR / USD pair is holding in the red trading zone on Friday. Investors are partially taking long positions after a five-day rally.

 

The market has a mixed fundamental background. There are no new drivers on the market for the growth of the European currency, while the US dollar remains vulnerable.

 

Recently new applications for unemployment benefits in the United States data was published. Experts predicted a decrease in the indicator from 779 thousand to 757 thousand. But expectations were not met. The actual figure was 797 thousand. At the same time, the data for the last week were revised to 812 thousand. Published data indicate that the US labor market remains under pressure due to the difficult epidemiological situation. There are no signs of improvement in the situation yet.

 

In Europe, there are restrained positive signals about an improvement in the epidemiological situation in some countries, but there is no talk of lifting quarantine restrictions so far. According to the latest data, for the first time since October 2020, in Germany the number of new cases of infection per day dropped below 10,000. At the same time, mortality remains quite high. Restrictions in the country are valid until March 7.

 

There is no important news in the economic calendar today. We can expect calm trading with a priority towards a moderate decline in quotations.

 

On the chart, we mark another unsuccessful attempt to break through the resistance at 1.2135. As a local priority, we still consider the scenario with a decline in the direction of the level of 1.2090.

 

  • Resistance levels: 1.2135, 1.2175, 1.2255.

 

  • Support levels: 1.2090, 1.2050, 1.2000.

 

The main scenario is a rollback to 1.2090 and an increase in the direction of 1.2175.

 

Alternative scenario - growth to 1.2175 from current levels.

 

The current fundamental outlook is neutral. We consider shorts from the level of 1.2135

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