Forex Weathermap - EURUSD

12:55 GMT (Global-View.com) Feb 13 – Sunnier skies for EURUSD to start the week but forecast remains clouded by the ongoing Greek saga. Key day is Wednesday when the Eurogroup is likely to approve the bailout but not without more tough negotiations over implementation of Greek austerity. At the same time flash GDP for the EZ and individual members will be reported and are likely to show a weak economy. Price action suggests market is content to see the Greek can kicked to avoid a disorderly default but is that enough to send the euro too much higher? EURUSD is likely to see some support ahead of Wednesday’s Eurogroup decision on Greece but such should be priced in.
Daily Jay Meisler's Forex WeatherMap
Feb 13, 2012 EURUSD (Current rate: 1.3155, O/N Range 1.3207 -1.3284)
Outlook: EURUSD consolidating and while 2-way trade is seen within 1.32-1.33, there is a tilt towards a BOD (Buy on Dips) bias while above 1.32. Key on the upside is the 100 day mva (1.3324) as it helped cap the upside last week. As noted above, key day is Wednesday and market will likely be cautious trading ahead of that day.
Range:
1.3321-24
1.3300
1.3284
1.3235
1.3200-10
1.3155
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