11:25 GMT (Global-View.com) Feb 16 - Storm clouds loom over the euro as the Greek saga takes yet another twist. The signal for the downside was yesterday;s the below the 20 day mva (1.3124), first time in enarly a month. This sets 1.30 as the oivotal level that will dictate what comes next, So far, the move has paused above 1.2972 = 50% of 1.2623-1,3321. 1.2890 = 61.8%.
One restraint is likely to be the risk of an overreaction to an innocuous headline, which has become the norm in this market.
Daily Jay Meisler's Forex WeatherMap
Feb 16, 2012 EURUSD (Current rate: 1.3005, O/N Range 1.3057 -1.2983)
Outlook: Pointed down but caution likely if sub-1.30 is not clearly established. SOB (Sell on Blips) bias while below 1.3050 but only back above 1.31+ would negate the risk.
Range:
Resistance
1.3100-24
1.3050
1.3025-30
1.2972
1.2939
1.2890
Support
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