There are two readings in the EUR/USD story following today's session. Firstly, the euro has returned back to its 1.2830/1.3060 one-month range against the U.S. dollar after a brief adventure close to 1.3135 highs. Interpreting this movement, it means that the pair could go down to seek their previous range bottom at 1.2830. Secondly, the pair has just closed above the 1.3000 key level, and it could mean that risk upside is still alive. So what can we expect for the next week?
The EUR/USD closed the day at 1.3020, 0.37% below Friday's opening price, and 0.55% negative on the week after its second day of heavy losses, as investors were unimpressed by the EU Summit outcomes. A perceived lack of progress on a Spanish bailout request, and Merkel assuring that Spain won't get retroactive direct bank recapitalization curbed demand for the single currency into the end of the week.
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