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Terence Wu, an FX strategist at OCBC Bank, notes that the euro is near to its weekly ma resistance at 1.2220 and suggests a break of this level could lead the EUR/USD toward 1.3333.

Read: Eight major banks expectations for today’s ECB meeting

Key quotes

“Expect EUR/USD to vacillate on either side of the 100-week MA (1.1220). A breach of this level may see the pair extend towards the 200-week MA (1.1333). Downside supports at 1.1180/00.”

“Headlines that the new fiscal stimulus plan for Germany has stalled should not impose too much negativity on its own, unless it is compounded by ECB disappointment.”