EUR/USD is currently trading at 1.1314 with a high of 1.1353 and a low of 1.1302.
EUR/USD has moved into a sideways drift now that the dust has settled, for the time being, post Eurogroup's meeting with Greek delegates and FM Yanis Varoufakis. Eurogroup's Dijsselbloem explained in a statement that there are negotiations needed to take place still as there was not enough progress during the meeting to make any joint conclusions. There will be further dialogue between now and Monday's next meeting between the parities involved to see if there can indeed be an agreement made.
Initially the euro rallied on rumours that there had been conclusions and that a bailout programme will be extended and a quick 40 pips or so were made on a spike. However, this was short lived and Eurogroup's Dijsselbloem's comments set the euro back to current levels.
Technically, the pair has recently been capped by the 20 day ma at 1.1398 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). The pair needs to break these levels to be a convincing correction. The Elliott wave counts intraday look negative and suggest a resumption of the down move with minor support at 1.1262 guarding the 1.1098 recent low, noted by Karen Jones, chief analyst at Commerzbank.
EUR/USD has moved into a sideways drift now that the dust has settled, for the time being, post Eurogroup's meeting with Greek delegates and FM Yanis Varoufakis. Eurogroup's Dijsselbloem explained in a statement that there are negotiations needed to take place still as there was not enough progress during the meeting to make any joint conclusions. There will be further dialogue between now and Monday's next meeting between the parities involved to see if there can indeed be an agreement made.
Initially the euro rallied on rumours that there had been conclusions and that a bailout programme will be extended and a quick 40 pips or so were made on a spike. However, this was short lived and Eurogroup's Dijsselbloem's comments set the euro back to current levels.
Technically, the pair has recently been capped by the 20 day ma at 1.1398 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). The pair needs to break these levels to be a convincing correction. The Elliott wave counts intraday look negative and suggest a resumption of the down move with minor support at 1.1262 guarding the 1.1098 recent low, noted by Karen Jones, chief analyst at Commerzbank.
