At the end of the past week EURUSD has made a break into 1.3 level before dropping back a little and closing at the 1.2990 level. However there’s still a lot of pressure in the eurozone so the next week is likely to go sideways.

The pressure persists as austerity measures were rejected in Portugal. So despite the upward momentum for EURUSD, it may not move much higher than 1.3000.

Meanwhile the next week will be shaped by the events in Portugal as well as the economic announcements, most notably the ECB monthly statement, German inflation, US retail sales and Bernanke’s speech.

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