Forex: EUR/USD volatile on Troika report (Barcelona) - The EUR/USD was able to rise back and retrace the European morning losses. The pair had fallen from 1.2739 high to just below 1.2700, but good support there kept the cross from further losses. Headlines coming from the Eurozone allowed volatile jumps and falls, and now the EUR/USD trades at 1.2715/20 area.

The Troika report seems to state the large risks to the Greek program, but that a two year extension could ease impact of cuts. The country may need more money: €15B in 2014 and €17.6B in 2015.

“The bias here remains negative, for a tight test of 1.2650 major support. Crucial on the upside is 1.2791 and only a violation of that area will show, that a bottom is in place and will clear the way for 1.3020”, wrote analyst Stoyan Mihaylov.