EUR Trading Outlook
The Euro (EUR) focus has swung back to the Europe and the Greece elections continuing to have negative effects on the market. The Greece political stalemate is unlikely to end shortly and the uncertainty will likely lead to more selling. Major support is seen at 1.2950 and we are poised to test this level this session.
The Euro (EUR) the EUR/USD opened under 1.3000 but we saw the level retaken going into Europe and we moved back to 1.3050 by the close. The Outlook is mixed but the EUR/USD is still showing signs of resilience in the face of so many negative factors. The Spanish and Italian bond markets are still closely watched for indications on how the Debt crisis is evolving.
The Euro (EUR) the EUR/USD was under pressure Asia breaking below 1.3000 and then falling to 1.2960 as French and Greece elections over the weekend created fresh risks to the Eurozone. The new French President has stated he wants to focus on growth and not austerity going forward. The Greece elections resulted in anti EU politicians gaining favor with their platform of anti-bailout and austerity measures.
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