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In the previous EUR/USD weekly review, we noted that the SMA 20 and 50 were flattening. An indication of a lack of sustained momentum, we might see ranging action. Fundamentally the Euro Zone continued to take the heat from the budget deficit problems. The call and later retraction by former Greek Prime Minster George Papandreou on a referendum on the latest EU bailout deal brought about much negativity. The cut of the euro interest rate by the European Central Bank also lowered the sentiments towards the euro currency. Italy continued to spiral down the crisis funnel. America’s slow job growth left much to be desired.

 

 

Technical Analysis

Looking at the EUR/USD chart above, we noted that the consolidation continued. Attempts to target 1.34 did not materialized.

SMA 20 = Flat

SMA 50 = Flat

With both SMAs flat, we may see more ranging action for the currency pair. We note that the SMA 20 is acting as a resistance of sorts. Uncertainty of a sustained momentum is high.

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Continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Weekly Review to understand more about the underlying market sentiments.

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