The pair settled the session lower as market participants remained sceptical that Greece will be able to implement the agreed debt buyback in an orderly manner. Also, concerns over the looming fiscal cliff boosted demand for safe-haven assets. This was after Senate Majority Leader Reid said that little progress has been made recently in fiscal cliff talks. On the subject of Greece, analysts at Citigroup said they view the Troika’s assumptions on GDP growth for Greece as far too optimistic and do not expect Greece to meet the new debt-to-GDP target of 124% by 2020.In terms of technical levels, supports are seen at the 10DMA line at 1.2848 and then at the 21DMA line at 1.2829. On the other hand, resistance levels are seen at the 21DMA upper Bollinger line at 1.3008 and then at 1.3021.
The pair trended in tandem with EUR/USD throughout the session as market participants were given little to cheer about after US Senate Majority Leader Reid said that little progress has been made recently in fiscal cliff talks, while little information about the proposed debt buyback has been revealed by Greece. In terms of technical levels, supports are seen at the 10DMA line at 1.5956 and then at the 200DMA line at 1.5860. On the other hand, resistance levels are seen at the 55DMA line at 1.6061 and then at the 21DMA upper Bollinger level at 1.6126.
The pair settled lower, as risk-averse sentiment dominated the session after US Senate Majority Leader Reid said that little progress has been made recently in fiscal cliff talks. Also, lack of clarity on Greek debt buyback supported flows into safe-haven assets. In terms of technical levels, supports are seen at 81.65/45 and then at 81.13. On the other hand, resistance levels are seen at 82.22/31 and then at 82.63.
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