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The EUR USD is trading higher this morning, but still struggling with a Fibonacci retracement level at 1.2345. Regaining this price will be the key to igniting a surge to the upside.

The stronger Euro is helping to boost demand for higher risk assets, underpinning global equity markets overnight. U.S. equity indices finished last week higher, but the markets looked tired as the week-ended. The stronger Euro is encouraging investors to ignore last week’s action and instead turn their focus on the better returns being offered by equity markets.

U.S. stock markets are trading sharply higher at the mid-session, driven by reports that the Greek sovereign debt problems will be resolved shortly. Stock investors are driving up stocks across the board as confidence is being restored to the markets. Bargain hunters have also stepping in to take advantage of lower priced equities.

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