Greek EU Commissioner says Greek can stay in EUR if reforms are implemented
- Idea of budger commissioner for Greece is absurd
- Companies, banks and law firms examining Greek Euro exit.
- An exit would make the crisis worse
- Greek internal devaluation is preferable to Euro exit
- ECB has to ast as lender of last resort
IMF Planchard: Greek haircut will be very large
Greece will not likely be able to return to the debt market for a long time.
Papademos to meet with Troika in 30 minutes: Reports
EURUSD closed Friday at 4 PM at 1.3145. Testing
After testing the 100 and 200 hour MA at the 1.3123 area, the price corrected to a low of 1.3103 befor pushing higher adn through the key resistance area. The price is now higher and testing the close from Friday at the 1.3145 level. A break above will open up further upside potential for the pair with 1.3159 and 1.3184 the next targets.
AP reports: Greece accepts demands to cut 15,000 public sector jobs.
USDCHF falls after breaking intraday support
The USDCHF fell below the 100, then 200 bar MA on the intraday chart above, and that seems to have ignited stop selling. The price is testing the 50% of the move up from Friday’s low. That level comes in at the 0.91925. Below that is the 200 hour MA at the 0.9187 level. So good support.
EURUSD pops higher . Test 50% of the range and 100 and 200 hour MA
The 100 and 200 hour MA are converged at the 1.3122 level. I would expect sellers against this area.
There is no news to account for the sharp move higher.
The move higher did breach the 50% of the move down from late Friday’s high. That level came in at the 1.3098 level. This was an earlier high for the day and stops seems to have been triggerer on the break.
USDCAD ignores the better data.
The Canada Ivey PMI index moved higher to 64.1 from 63.5 and much higher than expectations. Yet despite the better data, the USDCAD had moved sharply to the upside. The move higher took the price back above the 100 hour MA at the 0.9963 level and up to test the midpoint of the days range.
The trading today seems to still be controlled by shorter term traders who are quick to cover. On the move to the downside off the better data, the price fell briefly below the 200 day MA at the 0.9963 level. Only to have the price reach a low of 0.9959 and fail to move lower. Once that happened, the squeeze higher ensued.
Now with the price back above the 0.9963 and other support at 0.9967 and the 100 bar MA on the 5 minute chart above at the the 0.9970, traders will likely look to lean against those support levels. The upside target would be the high for the day.
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