Forex Marketz Daily Forex News – Fully Markets Update
Greece and a Greek exit from the Eurozone has sent shivers down the spines of trades in the Forex markets. The EUR/USD has moved lower once again as the Troika has said no to another Greek extension to pay its current bill coming due and no to further funding.
The technical analysis is not as simple as one would think thanks to the large price drop. The EUR/USD is trading near the key support and pivot at 1.10. Right now we are at the minor support at 1.1012. A daily close below this level will challenge 1.10. Should the EUR/USD reverse course and push higher, then the alternative analysis has near term resistance at a former support at 1.1055. A daily close above this level challenges 1.1128.
Mt trading strategy has not changed. Even if Greece was not on investor minds as Germany announces they cannot find more funds to help the Greek economy and it now appear likely there will be a default in Greece followed with them leaving the EU, I would still be bearish euro. With Greece on everyone’s minds, we have forgotten about the common currency zone’s inflation problems and stagnating economies.
Now let’s look at technical analysis and talk about today’s euro trading strategy. The EUR/USD currency market is trading in a narrow trading range as well as at a key support pivot at 1.10. There is no discernable price action to warrant a long or short EUR trade in line with my long term bearish euro outlook. For now, I remain on the sidelines monitoring not only my charts, but the news. To me, it makes sense to wait on a more compelling trade to come along.