EUR/USD continues its recovery amid strong demand from central banks for European currencies this morning. Reserve diversification and buying back EUR/USD sold to protect topside barriers late last week/early this week has combined to squeeze short-term specs who sold EUR/USD after this morning's surprisingly strong employment report from ADP.
The strength of the central bank buying has also lured in fresh spec buying from players who had taken profits over the last 24-hours or so. 1.3330/40 offers are eyed on rallies near-term while fresh buyers are seen if 1.3340 is overcome in a sustained way. 1.3365/70 recent highs are a near-term target.
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