The shared currency suffered losses in the early part of the week, mainly on account of the ongoing Greek issue. However, a weaker-than-expected US ADP employment report on Friday supported the EUR. Upbeat Eurozone PMI reports also helped the EUR recover losses. The pair recovered from the low of 1.0711 to clock a high of 1.0902 in the American session yesterday.
Part of the gains were also driven by the unwinding of short EUR positions ahead of the extended weekend. The pair now trades at its weekly opening rate of 1.0887. Whether or not the pair ends the week higher depends entirely on the payrolls print in the US. A better-than-expected print is likely to push the pair lower on a weekly basis. On the other hand, a significantly weak print could lead to weekly gains.
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