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The EUR/USD pair extended its advance to 1.2079, a fresh one-month high, retreating afterwards but holding on to substantial weekly gains in the 1.2040 price zone. According to FXStreet’s Chief Analyst Valeria Bednarik, euro/dollar has limited bearish potential.

A scarce macroeconomic calendar leaves currency pairs in the hands of sentiment

“Germany published the March Producer Price Index, which surprised to the upside by printing at 0.9% MoM and 3.7% YoY. The US macroeconomic calendar has nothing relevant to offer today.”

“Technical indicators are retreating from overbought readings but remain well into positive levels.”

“A corrective decline could be triggered on a break below 1.2015, the immediate support.”