Richard Perry
Independent Analyst
There are two ways in which markets can react to uncertainty. Firstly by selling off and secondly through consolidating. The euro is doing the latter. The last two days have been very quiet for the euro. There has been a little bit of intraday fluctuations, but the outlook is increasingly neutral near term as the euro continues to trade above the band of near term support around $1.1150. The daily technical studies are broadly flat, whilst even the Stochastics have started to flatten off. The intraday hourly chart shows all of this in greater detail, with the last couple of days in a tight 100 pip range. No-one really knows how the Greece negotiations will work out before Tuesday’s deadline, so traders are unwilling to take a view. There is little on the economic calendar that will provide direction today and it is likely that whilst markets will move on newsflow (positive or negative on a Greek deal) this may drift into the weekend.
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