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5 Feb 2015
EUR/USD finds bids ahead of 1.13
FXStreet (Bali) - EUR/USD made a fresh new low for the day at 1.1302 in Asian hours, following the decision by the ECB to no longer accept Greek bonds as collateral.
The market is now expecting near term non-satisfactory outcomes in upcoming Greece & Eurozone negotiations, and while the ECB's ELA program (Emergency Lending) for Greek NB was renewed, which translates in liquidity still being available, the expectations of a potential deal between Troika and Greece fo a new lending plan are looking less likely in the near term.
From a technical perspective, below 1.13, Euro may find support at $1.1280 ahead of $1.1260/65, both horizontal lines from Jan 29 and 30 respectively, with a break through the latter potentially exposing deeper declines towards 1.1225 ahead of 1.12. On the upside, the next immediate resistance is seen at 1.1390/14 (intersection of the 200-hourly MA and round number).
The market is now expecting near term non-satisfactory outcomes in upcoming Greece & Eurozone negotiations, and while the ECB's ELA program (Emergency Lending) for Greek NB was renewed, which translates in liquidity still being available, the expectations of a potential deal between Troika and Greece fo a new lending plan are looking less likely in the near term.
From a technical perspective, below 1.13, Euro may find support at $1.1280 ahead of $1.1260/65, both horizontal lines from Jan 29 and 30 respectively, with a break through the latter potentially exposing deeper declines towards 1.1225 ahead of 1.12. On the upside, the next immediate resistance is seen at 1.1390/14 (intersection of the 200-hourly MA and round number).