18/02/15 EURUSD forms lower high on Greek exit fears

Bearish EURUSD undergoing retracement as 1.13 support holds firm Daily candle movements have seen a retracement from the drop towards 1.13 support with today's resistance at 1.1458 likely to be tested. A weakened ADX shows bearish trend has subsided but with no clear indication as to what is going to happen next on the technical point of view

Lower highs broken but with resistance at 1.143 still likely to stop the rebound for the EURUSD The lower high trendline in red has seen a breakthrough and retest as support, with current levels at 38.2% of the downtrend Fibonacci retracement level the closest resistance that may impede this correction phase. Stochastics Oscillator gives no clear overbought signals as yet while ADX gives a mild bullish tone to this pair on the H4 charts

EURUSD forms lower high on Greek exit fears as the mid-day rally for the Euro shows no signs of continuation as most majors' gains against the U.S dollar subsided towards the U.S session. The stalemate in the agreement of terms and if any, the change in terms of repayment for Greek debt is not likely to give the market a clear direction as investors adopt a wait and see approach. With the Greek Presidential Elections first round of voting happening today, and the FOMC meeting minutes to be announced later during the U.S session, expect the pair to move gingerly and to be wary of false signals as speculators jump on news to wake up this pair during intraday trading.

Resistance at 1.144 keeps the EURUSD rebound at bay The short and sharp rebound yesterday saw EURUSD exhaust at 261.8% of the Fibonacci uptrend expansion, hitting a high of 1.1446 before settling near the 20 hourly average. MACD shows a mild bullish bias but a turn to the bearish side is upcoming as the MAs converge on the indicator. 1.137 remains the next support to break before 1.13 psychological price level is tested again.


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Trend Direction
Slight bullish 1.127 1.13 1.137 1.141 1.144  1.15

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