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It has not exactly been a riveting week for EUR/USD traders, given that the currency pair remains stuck in an 80-point trading range.
The euro has lacked any real catalyst to drive it onwards from the highs of last week, which means the region just above $1.39 remains the area to watch.
An hourly chart shows the 50-period moving average is edging lower, and may shortly cross below the 100-period MA, a near-term bearish signal. However, the 200-period continues to rise while the long-term uptrend remains firmly intact.
For now, the upside target is just above $1.39, only a short distance, while support remains in the region of $1.38. A break of $1.39 still suggests a run for $1.42, the October 2011 high.