06/02/2015 - 06:15
The technical picture for EUR/USD is currently a toss-up, with the currency likely to go either up or down with both having a 50% chance. The same picture is reflected in the talks between Greece and it’s creditors as it’s mostly a 50-50 chance that there will be any agreement for Greece to get rescue funds before Wednesday, when Greece must make a large repayment to the IMF.
Since our last trading plan post not much has changed unless you took a long at the 1.0802 - 1.0839 zone and targeted anyone one of the magnets between 1.0870 to 1.0970.
Taking any trades around the area of the magnets is a risky proposition because the market is essentially balanced here and the likelihood of going up is just the same as the likelihood of going down. So that’s why we’ll be looking for another dip into the 1.0870 zone for a long or a pop into the bull/bear zone for a short, all depending on the outcome and news flow from Greek negotiations.
Key Levels
Support | Resistance | Magnets |
1.0802 - 1.0839 | 1.1025 - 1.1072 (bull/bear) | 1.0870 |
1.0646 - 1.0711 | 1.1095 | 1.0920 |
1.1250 - 1.1284 | 1.0970 | |
1.1130 | ||
1.1190 |
- See more at: https://www.hiwayfx.com/staying-hands-euro-until-more-clarity-greece#sthash.YnslFryp.dpuf