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EUR/USD remains oversold
Once again Greece is the headline topic being discussed in Europe as the looming general election and the consequences of a less austere government gaining control looks ever more likely. Greece finds itself being the testing ground again. Any ability of a new government being able to renegotiate slightly more flexible terms to its bailout will be monitored.
At the current level of $1.1955, EUR/USD remains in oversold territory and is showing little sign of being able to mount a challenge to retest the 50-day moving average, sitting up around the $1.2330 region.
Today will see the release of numerous European countries' services PMIs, but of late the release of economic data has been more likely to harm rather than help any chance of strengthening the euro.