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Light may be appearing at the end of the EUR/USD tunnel
Judging by the moves we have seen in EUR/USD over the last 48 hours, currency traders are increasingly factoring in that the negative weighting the Greeks bring to the euro might not be in place in the near future. The fact that there has not been a unanimous agreement from all parties is hardly surprising and if Greece wants to receive the next tranche of funding, it must surely be aware that the vast majority of compromise must come from itself.
This latest move has seen EUR/USD stretch away from the 50- and 100-day moving averages and edge ever closer to overbought territory on the relative strength index. One way or another, Greece will be enabled to remain part of the family (for now) and the current quantitative easing programme could well have its timeline increased, both of which should see the sellers come back in.