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The Week Ahead: Week of August 4th, 2014
The EUR/USD inched lower last week, caught up in the broad-based USD rally, though rates did tick higher on after Friday’s NFP report. Looking to the daily chart, the pair is clearly oversold, with the Slow Stochastics flattening out under the 20 area. That said, any oversold bounces may be short-lived with the MACD trending lower below its signal line and the “0” level. For this week, previous-support-turned-resistance near the previous 2014 low at 1.3475 may cap any rallies as bears start to turn their eyes toward the next level of long-term support near 1.3300. The GBP/USD sold off sharply last week, ... (full story)