The EUR/USD found support at the 1.40 area on Wednesday as the German high courts ruled that it was in fact legal for the German government to help bailout the Greek government. However, the ruling also stated that any future bailouts would have to be voted on in Parliament. This effectively assures that there won’t be another one, but that is an argument for the future. The bottom of the range sees a bounce – this suggests we are going higher from this point, but we prefer selling for the long run, and will do so if and when we get closer to 1.45 or so. If we fail to make another run all the way to that level, this could be a signal that the pair is going to break down through the bottom of the range. We prefer selling rallies at this point, but only after a fairly large move.
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