Wednesday June 27, 2012 - 11:10:08 GMT
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Jay Meisler's Daily Forex Weathermap - EURUSD
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10:55 GMT (Global-View.com) June 27 -
Jay Meisler's Daily Forex Weathermap - EURUSD (current rate 1.2494)
One more day until key events with the start of the EU Summit and the Supreme Court likely to announce its decision on Obamacare slated for Thursday. This leaves Wednesday as a day in limbo although those trading spot for month/quarter end could generate some flows. Typically the EUR firms ahead of an EU summit only to fall afterwards on disappointment but this time around expectations are so low that it is struggling to find a footing. One thought is that with such low expectations it would not take much of a breakthrough to produce a surprise. In any case, this lull is the calm before the next storm.
The focus, meanwhile, is likely to stay on 1.25 (printed for the 3rd day in a row) to set its tone and only a firm move through 1.2550 would suggest a risk of a retracement. Even then it would be a reluctant one with sellers lying in wait. More likely today will be a range day as long as it stays between 1.2450-1.2550. It would take a solid 1.25+ to remove the cloud over this pair.
Note 1.2531 = 20 day mva, which capped the upside on Tuesday. Key support remains at 1.2436 (vs. Tuesday’s 1.2442 low and a double bottom) as there is a void of key levels below it until the 1.2289 2012 low.
See full report + levels on the GVI Forex Forum
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