EURUSD: Euro under pressure from broad US$ strength, Greece concerns by FX Charts Daily

After chopping around for much of the session the dollar took off in NY as confidence grows following the more hawkish than expected FOMC Minutes that the Fed will be raising rates later in the year. Several Fed board members have made comments that has the market hoping for the initial rate hike sooner rather than later. A couple of Fed directors will be speaking later n the day, so traders will be hanging on to whatever they have to say for further guidance.Several important levels of support have given way, and the Euro has fallen sharply before pulling up just ahead of the Fibo support at 1.0600 (76.4% of 1.0461/1.1052), although we are not too far away from it, having so far seen a low of 1.0637. A break of 1.0600 will see some support at 1.0579 (18 mar low), but below that there is not too much to hold it until 1.0500 and the trend low of 1.0461.

The hourlies are now becoming oversold so the downside momentum may slow a little, although any rallies do seem to present selling opportunities. The topside will meet minor resistance at 1.0685 and then at 1.0700 and we should hold below the previous low at 1.0712 now if the downtrend towards parity (eventually) is under way.

There is little of economic consequence out today, so it may be a quiet end to the week but the bias remains to the downside in the days ahead, with any direction likely to come from the Fed speeches.

Keep a close eye on Greece, where time is running out to reach a new finance package, allowing Greece to pay public sector workers. The Euro will be under increasing pressure if this is not settled by next week.

Economic data highlights will include:

Fed speeches: Lacker/ Kotcherlakota.