At best, stronger job creation in October – as we expect – may spark some profit taking after recent USD losses. In our opinion this would be a good opportunity to enter a long position and we keep our bid at 1.1020. The spread between U.S. and German 10-year bond yields has diminished since the end of October, which supports the EUR vs. the USD.
We see a scope for EUR/USD gains towards the cloud base at 1.1160. But 1.1107 (50% fibo of August-October fall) seems to be still a quite strong .
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