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EUR/USD Finding Sellers On Greek Syriza Leader Comments

May 08, 2012 8:44 AM ETFXE
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The EURUSD (FXE) has taken a turn to the downside helped by comments from Greek's Syriza leader Tsipras (his party are now in charge of trying to form a coalition government) who said Greece's bailout pledges are null and void after the recent vote and that he will not join a government of national salvation for a loan.

From a technical perspective, the price which was trading between the 100 and 200 bar MAs (see blue and green lines in the chart above) on the 5 minute chart, fell sharply and moved outside the boundaries (100 bar MA at 1.3022 is now resistance). The price has also entered back into the channel formed during most of the Asian and early morning London session. The bottom trendline of that channel currently comes in at the 1.2988 area. This trendline has been tested 7 times today and should solicit at least some profit taking on the 1st test.


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