Tuesday, January 12, 2010

Forex: EUR/USD quoting 1.4479, Greece nothing to hide

FXstreet.com (London) - EUR/USD has traded extremely softly this session, despite the stronger Dollar. Pair currently quoting at 1.4479, having successfully broken the strong 1.4500 support level of previous session, and just a few pips off from the opening price.

Credit worries are still lingering around the Euro and eyes this year will focus on the development and action of the respective government for many Eurostates including Spain, Portugal, Sweden and in particular Greece. The Greek leader yesterday bolster confidences somewhat by professing; “there re no more skeletons in the closet”.

Pair currently trades in relatively softly ahead of any major cues, after bottoming out at 1.4457. Trade balance fees and the series of major company reports will be the next key signs on the recovery road for investors.

For primary resistance we take 1.4500 (consolidation zone previous session), and for support should downside find momentum again, we look at 1.4450 (lower bound and previous support zone).

EUR/USD (Jan 13 at 05:22 GMT)

1.4487/91 (0.01%)

H 1.4495 L 1.4454

[?]Trend Index[?]OB/OS Index
Strongly BullishNeutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

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