• EUR rises to 1.1281-1.1348 EBS on Wednesday

• Rally stretched toward top of the 20-month Bollinger bands at 1.1361

• The 61.8% retracement of Apr-May 1.1573-1.1065 drop is 1.1379

• Traders are hoping G7 will provide rally with more impetus

• Conditions favourable for carry trades emerging which will weigh EUR/USD

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EURUSD monthly chart

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)