Forex: EUR/USD Weekly Review
The Greek deficit crisis continued to plague sentiments and the EUR/USD might be steered in the coming week by the developments of this situation. In the previous EUR/USD Weekly Review, I mentioned that if the bearish pressure continued, we might see a 1.42. Indeed so, 1.42 was achieved and later served as a support level. From a technical point of view, we may see some consolidation as the currency pair finds its bearing between 1.42 and 1.44. Furthermore a short term down slope trendline is in the immediate price region. SMA 24 = almost flat SMA 48 = almost flat. The Simple Moving Averages above also suggest a technical consolidation as traders struggle to make sense of the currency pair's direction. This is also further suggested as the two moving averages flipped recently. Having said so, we all know that the fundamental reasons are a strong factor in a currency pair's movement too.
The Greek deficit crisis continued to plague sentiments and the EUR/USD might be steered in the coming week by the developments of this situation. In the previous EUR/USD Weekly Review, I mentioned that if the bearish pressure continued, we might see a 1.42. Indeed so, 1.42 was achieved and later served as a support level. From a technical point of view, we may see some consolidation as the currency pair finds its bearing between 1.42 and 1.44. Furthermore a short term down slope trendline is in the immediate price region. SMA 24 = almost flat SMA 48 = almost flat. The Simple Moving Averages above also suggest a technical consolidation as traders struggle to make sense of the currency pair's direction. This is also further suggested as the two moving averages flipped recently. Having said so, we all know that the fundamental reasons are a strong factor in a currency pair's movement too.