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Yesterday, after the US data the market plunged a bit and then later recovered. After three days of consolidation since last Thursday, the pair is most likely still bullish. Yesterday it only hit a key support at 1.2990 and then rebounded again, but yesterday was pretty unspectacular.

Today we will have the ZEW index from Germany and Core CPI from US. The confidence in the better German data might give support to the Euro. So, it means we are expecting a more choppier day.

Our expectation is a steep bullish trend for today. There is a key support upside level at 1.3130. If it breaks our next TP is 1.3200.

EUR USD 4 hour chart July 16 2013 currency trading forex