Forex Marketz Daily Forex News – Fully Markets Update
The EUR/USD moved higher after the appearance of a bullish Morning Star candlestick. Since then the euro has been consolidating below the 1.16 pivot as the Greek drama unfolds. If Greece defaults, the euro will tumble, if not, it will bounce higher.
Technical Analysis
Today’s technical analysis has support at the rising trend line near 1.12. A daily close below this technical support will challenge the technical support at 1.1054. The alternative analysis, should the EUR/USD recover, has technical resistance lining up at 1.1319/20. A daily break above this technical level exposes the technical resistance lining up at 1.1055 and higher.
Trade Strategy
Today’s trading strategy is not straight forward. First we have the above mentioned event risk with Greece. With that alone screaming stand aside, we also have the technical analysis suggesting the same path and here is why. There is no clear price action at this time. In other words no short or long EUR opportunity. For now I am sitting on the sidelines waiting a better trade opportunity to come along that matches my long term bearish euro outlook.