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In the previous EUR/USD Weekly Review, we noted that the currency pair was headed towards a strong region of resistance. Should the resistance hold, we would see the EUR/USD ease down right into the range. Developments concerning the Greek deficit crisis might be heading towards a positive region as the European Union approved the aid disbursement to Greece. The Greek government made headway towards implementation of austerity measures. Having said so, the economic outlook for the United Kingdom UK fell.

Technical Analysis:

Looking at the EUR/USD chart above, as mentioned in the previous EUR/USD Weekly Review, 1.46 is a strong region of resistance and the currency pair failed to breach it. The currency pair had since eased off the region and fell right to the strong support of 1.42.

SMA 20 = Almost flat

SMA 50 = Almost flat

Last week we await a further confirmation from the SMAs. Should the two SMAs round the bottom and point upwards, a bullish momentum might be here. With the two SMAs now almost flat, it is a typical indication of ranging currency movement. Once again we will be looking out for a cross of the SMA 20 below the SMA 50 first before any consideration of an actual bearish momentum beyond the range of 1.42 – 1.46.

Continue on to for the fundamental analysis of the EUR/USD Weekly Review.

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