EUR/USD back around 1.0870

FXStreet (Edinburgh) - The European currency gave away some of the initial gains to the area of 1.0900 the figure, with EUR/USD now gyrating around 1.0860/70.

EUR/USD eyes on Eurogroup, US data

The upcoming Eurogroup meeting will keep markets entertained in an otherwise apathetic Monday, with several EU officials arguing Greece needs to shed more light on its recent reform package and looks for consensus with the rest of the EU members. All amidst rumours of a Greek referendum in case the submitted reforms do not find any echoes amongst the EU peers, and even the call for fresh elections.

Across the Atlantic, the main highlight will be the Labor Market Conditions Index (4.9 prev.) following the solid US Payrolls in February (295K).

EUR/USD key levels

As of writing the pair is advancing 0.21% at 1.0872 and a breakout of 1.0900 (psychological level) would expose 1.1033 (high Mar.6) and then 1.1041 (100-h MA). On the flip side, the initial support aligns at 1.0809 (low Sep.4 2003) ahead of 1.0800 (psychological level) and then 1.0762 (low Sep.3 2003).

US Crude could drop to USD 40/barrel

The latest report from the investment bank Goldman Sachs sees US Crude dropping to as low as USD 40/barrel in the near-term. Crude prices are likely to reverse their gains as global crude inventories begin to increase again, with U.S. crude likely to drop as far as USD 40/barrel in the near-term.
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USD/JPY gains might extend to 121.86 – GrowthAces

The GrowthAces Research Team maintains a bullish outlook on USD/JPY, targeting 121.86 levels.
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