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EUR/USD remains supported

EUR/USD is easing some ground on Tuesday, slipping from the peaks at $1.3770 to $1.3750.  

Despite retracing part of the gains, the pair remains supported ahead of the the ECB meeting on Thursday. The regulator will not only announce its policy decision, but also release new ECB forecasts for GDP and inflation out to 2016. On Wednesday euro zone will release the advance figures for the Q4 GDP, (forecast: growth unchanged at 0.3% q/q) and a block of PMI indices. Tommorow's releases will strongly influence the market sentiment ahead of the ECB.

The $1.3900/4000 resistance area is expected to limit the upside in the coming weeks. However, bulls still have another 150-200 pips to catch. No signs of ECB easing plans on Thursday and weak US NFP on Friday would push the pair up to these levels. Key suport is seen at $1.3720, $1.3685 and $1.3640.

Chart. H4 EUR/USD

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