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EUR/USD is seeing some retracement after the dollar saw some love during the Asian session.

Are we looking at a hot retracement opportunity?

Currency Snapshot:

Major Forex Pairs Price Performance
Major Forex Pairs Price Performance

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • France’s industrial production at 6:30 am GMT
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  • Euro Zone’s final employment change at 10:00 am GMT
  • Euro Zone’s revised GDP at 10:00 am GMT

What to Watch: EUR/USD

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

Talks of coordinated stimulus from major governments around the world encouraged some profit-taking of shorts during the Asian session.

In EUR/USD’s case, profit-taking took the form of dollar-buying amidst the pair’s multi-week uptrend on the 1-hour time frame.

Can dollar bulls maintain their momentum? Or will euro bulls step back in to extend the uptrend? EUR/USD is currently trading at a 38.2% Fib retracement that also lines up with a short-term resistance.

Sitting just a few pips below the level, however, is the 1.2575 area that lines up with the 61.8% Fib, 100 SMA, and rising trend line that has been unbroken since late February.

Any of the Fib lines look good as potential entries if EUR/USD ends up making new March highs in the next couple of hours.

If you’d rather short EUR/USD, however, then you can also wait for a clear break below the trend line and aim for support areas near 1.1180 or 1.1124.