The EUR/USD pair briefly woke up from its lethargy in the European morning, spiking 40 pips up to 1.2220, but quickly retracing back below the 1.2200 level. Investors are waiting for the result of the final ballot in Greece due shortly. Last week, the coalition government was 12 votes short of the 180 it needs and if the results repeat today, will end up in a snap election that could bring anti-austerity party Syriza into power and trigger the euro zone into a new crisis.
Short term bullish as per the 4 hours chart showing that the price is above its 20 SMA and Momentum heading higher above 100, the EUR/USD pair trades measly 30 pips away from its year low, having lost over 1800 since hitting a year high at 1.3993 last May, meaning the bearish trend remains firm in place. A positive result for Greek president Dimas may trigger a relief rally in the European currency, with a break above 1.2220 probably extending up to the 1.2270 price zone. If the pair fails to advance on the other hand, the key support stands at 1.2164, the year low established this December, with a break below probably triggering some stops and favoring a slide down to 1.2100/20 price zone.
View Live Chart for EUR/USD
Short term bullish as per the 4 hours chart showing that the price is above its 20 SMA and Momentum heading higher above 100, the EUR/USD pair trades measly 30 pips away from its year low, having lost over 1800 since hitting a year high at 1.3993 last May, meaning the bearish trend remains firm in place. A positive result for Greek president Dimas may trigger a relief rally in the European currency, with a break above 1.2220 probably extending up to the 1.2270 price zone. If the pair fails to advance on the other hand, the key support stands at 1.2164, the year low established this December, with a break below probably triggering some stops and favoring a slide down to 1.2100/20 price zone.
View Live Chart for EUR/USD
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