EURUSD: Since the Asian Monday open, the Euro made a run up near 1.42 where it’s retreated below 1.4150, below an hourly surge candle initiated @ the same level, and is now up against a single line trend line on the downside. This pairs market is awaiting 2 events. The opening of the US equities markets, and the Existing Home Sales report. We looking for price to “settle” near the 1.4150 level until these events come into play. There the potential, if and only if, for price to rise to near 1.4250 where there is strong resistance on the top side and would look for a reversal around that level. There remains uncertainty surrounding Greece’s sovereign debt with Portugal not far behind. And these factors leave the Euro, against most other currency pair, in a continuing perceived weakness in the eyes of major market players. This is the start of a new week and anything is possible. We’re not looking for any large moves until early on. Primarily, short spurts of 20-50 pips. But if the 1.4100 is compromised with any volume, then further downside resumption is in the cards.
