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Good day and welcome to another EUR/USD review.

Yesterday we noted that the market is getting apprehensive due to the reporting season. Over in the Euro Zone, a reported stated that a number of officials were getting concerned with regards to the extend of the stress test disclosure.

Looking at the EUR/USD Daily chart above, we can see the somewhat apprehension of the market developing into a narrow range.

The S&P 500 is currently up at 1090+

Oil and gold are slightly higher.

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The German ZEW Economic Sentiment came out worst than expected. Having said so, the US printed it’s own bad news with the trade balance performing worst than expected. I mentioned many times that the global crisis is not really over yet and now it all comes down to who is the worst off.

Aloca over in the US equities posted good figures and this helped drive the sentiments up. Furthermore, Greece issued Treasury bills at an interest rate below the premium charged by the European Union when it came to the nation’s aid from default. This suggests to investors that Greece may be able to take care of it’s short term needs and that the Euro crisis may be over soon.

As usual, my reminder goes that unless a concrete plan is being action upon, we may see bumps on the road in the future.

We see many data releases tomorrow including the important US Retail Sales. This is an important indicator of the economy’s health and hence plan your trades well. Do not get catch by unexpected spikes.

While the 1.26 line holds, upside attempts may be seen from a technical point of view.

Trade safely.

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It is getting late over on my side and i am off to meet Ms Sleep. Cya :)

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