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Antonio Tajani, a vice president of the European Commission from Italy finally said what policymakers are always afraid to say: that the ECB should manage the euro lower. This would boost exports. Indeed.

And the euro reacted: it erased previous gains from weak US figures and is now struggling below 1.29.

Update: EUR/USD remains depressed under 1.2880. Attempts to rise find limits at this line. For more, see the EUR/USD forecast.

[do action=”tradingviews” pair=”EURUSD” interval=”60″/]

More technical analysis:  EURUSD: Bearish Cycles Remains In Play – Elliott Wave Analysis