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As mentioned above, the euro has been acting well relative to the dollar in recent weeks, and that’s partly due to what has been a strong showing in economic data relative to expectations. As shown in the chart below, the currency has broken out of its downtrend relative to the dollar carving out an uptrend with closed above both its 50 and 200-DMAs. While the currency has rallied, it’s still just in the middle of its uptrend from the October lows.