EURUSD: US$ steady ahead of tomorrows US Retail Sales. Usual Greece event risk might shake things up

EUR/USD: 1.1280
EurUsd is flat today, against this time yesterday, having given up some of its earlier gains from the session high of 1.1345, with the Euro weighed down by the lack of progress between Greece and its creditors, after new proposals to resolve the issue from Greece were apparently criticized by an EU official as insufficient and unacceptable. On the other hand, the dollar was unable to make any real progress of its own as global growth concerns continue to worry markets, particularly after yesterday’s soft inflation reading from China.Technically there is not too much change, and with virtually no economic data due from either the EU/US today could be a rather rangebound affair, with direction looking likely to be driven by soundbites coming from Greece.The charts are somewhat mixed and thus 1.12/1.1350 may easily cover it.

Back above 1.1300, descending trend resistance at 1.135/60 will act as strong resistance, but a break of which would allow the Euro to head towards  the 4 June high at 1.1378, beyond which could see a test of  1.1400 and above, towards the 15 May high at 1.1466.

A return to the downside would see the Euro head back towards the session low at 1.1213 (100 HMA) and to 1.1200, below which would then see supports at minor Fibo levels at 1.1160 and at 1.1115, where the 200 HMA also lies. I don’t think we see it down here today, but if wrong, look for a return to Friday’s lows at 1.1048..

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