Thursday June 14, 2012 - 10:25:24 GMT
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Jay Meisler's Daily Forex Weathermap - EURUSD
10:20 GMT (Global-View.com) June 14 -
Jay Meisler's Daily Forex Weathermap - EURUSD (current rate 1.2566)
As I have been saying this is not a week to expect large bets being made and it seemed only a matter of time before there was some book squaring given the extent of market positioning. This saw Wednesday close just above the 20 day mva (1.2547 on Thursday), first time since May 2. While technically significant, the price action this week needs to be taken with a grain of salt as it will be a new ball game following Sundayís Greek elections. NOTE Greek stocks are currently up sharply amid talk the pro-bailout side is likely to win the June 17 election.
In any case, assuming 1.26+ continues to prove tough and support remains below 1.25, it will leave 1.25-1.26 as sort of a no manís land with anyone leaving stops in this range exposing their positions to a shark bite. While within 1.25-1.26, expect 1.2550 to set the tone. Continue watching euro crosses as this is what has been driving the EURUSD this week and gave it support on Wednesday.
See full report on the GVI Forex Forum
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