€ Euro holds in quiet Session; Still upside risks before resumption of the trend

As we inch more about the risk of event great weekend in the form of the election of Greek, it is quite possible that the markets will begin to harden and strengthen until after the election. The market participants also expect on the details of the last Spanish rescue and at this time, there are not many current that would justify engaging actively in both directions. Technically however, maps paint a different picture (in my opinion) and will continue to promote the room for the additional force of money before considering the possibility of bearish resumption.
Relative performance against the USD Thursday (from 10: 10GMT)
NZD + 0.47 %
CAD + 0.22 %
JPY 0.20 %
GBP + 0.03 %
AUD + 0.02 %
CHF + 0.01 %
EUR - 0.01 %
This would mean that in spite of any fundamental concern now, active correlated risk always have room to run backwards. While we retain a broader bearish perspective on the Euro, at this stage, refer us to charts and look for further upside in the sessions coming in the region of 1 2800 - 1 3000 before considering a fresh short position. In addition, we keep a close eye on the USD/JPY and will seek to aggressively buy a break on resistance short term 79.80 key. Moreover, the political left SNB on hold as expected while maintaining their strong position to strongly defend the 1.2000 EUR/CHF floor. A plethora of comments has also emerged in Europe of various officials, but all did not materially influence the price action
ECONOMIC CALENDAR

TECHNICAL OUTLOOK

EUR/USD: the market is in train to correct certain levels severely oversold after breakdown of yearly lows little less 1.2300. While our global perspective is clearly downward, by we see still place upside in the short term before a high low is wanted. Look for the positive in the last week has close to open the door for an acceleration in the region of 1 2800 - 1 3000, where new offers are likely to re-emerge. Setbacks must be well supported ahead of 1.2400.

USD/JPY: the recent setbacks have been quite intense, the market collapse by the ADM, 200 days before finally finding support by 77.65. We have since seen attempts at recovery and we support that the market should continue to break higher, with views finally fixed on a retest and rupture of 2012 senior by UST up more. However, at this stage, we need to see a break and close above 80.00 back to alleviate the pressures weighing officially and to reaffirm the optimistic prospects.
GBP/USD: Daily studies are now correct oversold and risk CIHI appear inclined upside down to allow a corrective bounce short term necessary after the setback down just shy of the 2012 bottom of January. Locate the last close back daily over 1.5440 to strengthen the prospects for growth in the short term, provided in the 1.5800 region where a low high costs will be sought for that underpin the acceleration of bear trend to resume. Only a close back under delays 1.5400.
USD/CHF: while we retain a broader upward perspective for this pair, with the market seen to establish above parity in the weeks to come, short-term risks are a corrective withdrawal to allow the market to establish a fresh plu bass. Thus, we see risks of weakness in the next sessions to the 9200 0 - 0 9300 area before the market seeks to reaffirm its upward momentum and broader uptrend.
-Written by Joel Kruger, technical currency strategist
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