Forex Weathermap - EURUSD

11:40 GMT (Global-View.com) Jan 24 You will be pard pressed to find many calling for a medium-term rise in the eurusd, which accounts for the cautious move above 1.30. However, unwinding is still going on as can be seen by firmer euro crosses today, which have created a tug-of-war with the dollar as it is firmer elsewhere out of offsets while eurusd stands close to unchanged on the day. This follows a new high at 1.3062, which is also the 76.4% (1.3076-1.2623) level cited here yesterday.
Otherwise, market is still in a headline watching mode with the Greek PSI soap opera still going on. Logic suggests there will eventually be an agreement but the process does not inspire confidence.There will likely be some caution as well ahead of tomorrow's FOMC decision.
Daily Jay Meislers Forex WeatherMap
Jan 24, 2012 EURUSD (Current rate: 1.3026, O/N Range 1.2986 -1.3062)
Bias: Look no farther than 1.30, which will set the bias going forwards. Given the overhang of shorts, key is timing when they get squeezed enough to setup the next test of the downside. Key level on the upside is the 2012 high at 1.3076. Key level on the downside is distant at the 20 day mva (1.2862).
Range:
Resistance
1.3076
1.2062
1.3040
1.2980-86
1.2950-60
1.2895-10
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