The EURO corrected higher yesterday topped at 1.2636 and closed at 1.2623...
As shown on the daily chart below , the pair is trading now at critical resistance 1.2625, this level contained the bearish move at the beginning of this year , on late May , this level was breached, now It supposed to serve as strong resistance, but the whole world is watching elections in Greece next Sunday....
Technically ; breaking of 1.2625 with weekly close above this level would test 1.2800 levels followed by the psychological level 1.3000, so what would happen today !!!
It's hard to say , no one could confirm since we have lots of options , choices and conflicts !!!!
Today we have Industrial Production from United States at 14:15 GMT , the previous was 1.1% , the forecast is 0.15% so the EURO may fall today waiting for elections on next Sunday..
by the way , breaching of 1.2640 this early morning might encourage testing 1.2680 !!! stability above 1.2610 would keep strong pressure toward 1.2680, losing 1.2610 would test 1.2585 , losing this one would add the risk toward 1.2540 where we have strong support ...
Recommendations : The elections in Greece is on next Sunday , and It might come up with unknown results , closing short term positions before the market close on Friday night is a wise option !
Friday 15 June 2012 10:34 AM