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In the previous EUR/USD forecast we noted that the currency pair failed to conquer the resistance of 1.38. With the European Union receiving a downgrade from S&P , close monitoring was advised so as the effect of which and also of the tapering of quantitative easing could be determined.
Looking at the EUR/USD daily chart above we note that the currency pair was bullish for the week although I would not be so eager to jump on the train. As evident with the spikes, especially on the last trading day of the week, low volume and liquidity conditions persist.
I have plotted possible support and resistance levels on the chart above. Possible supports are 1.36 and 1.3680. The strong resistance of 1.38 lies above.
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