EUR/USD Suffers on Greece Worries

The EURUSD has remained under pressure on the back of the Greece funding situation. The cost is too high (+310 basis points over comparable German bond yields) and they do not want to go to the IMF but they are not getting anything concrete from the EU.  The EU Trade Balance was better versus a year ago as exports show good strength.  The lower EURO seems to be helping in this respect and the news caused the EURUSD to bounce higher toward upside resistance. 

 

 

From a technical perspective, the EURUSD has remained below the 100 bar MA on the 5 minute chart currently at the 1.3684 level.  A move above this level should solicit some additional profit taking today. with the 1.3706 being the next target (200 bar MA on the same chart).

 

 

Looking at the hourly chart the 1.3681 level is also a key level.  It represents the 200 hour MA resistance level for the pair.  1.3671 is trendline support and the 50% of the low to high range comes in at 1.3627.  The market is back below the key 1.3691 level which has been a level the market has been paying attention to over the last few weeks.  Back in the meat of the trading range after peaking at 1.3817 yesterday.