USD Soars On Faux Greek Deal June 24, 2015
Greece Doesnt Capitulate Quite Enough
To my surprise (NOT!) as I came back to my desk yesterday I see the EU and GU had made an unusual drop during the Asian session so out of habit I start searching to find the reason. Of course the potential Greek deal was shot down yet again even though the boys at the Troika did say it was more encouraging. However the capitulation wasnt quite good enough. They need more pain from the Greeks. The saga continues.
EUR/USD Finishes Two Pushes
With the EUR/USD having tow clear pushes I will be bias for the next one down today. The only thing that would be able to throw a wrench in the plan for the third push is of course the next rumor of a Greek deal. The best level to short is 1.1189 but a test to 1.1224 wouldn’t surprise me.
GBP/USD Runs Second Push
The GBP/USD also made a clean second push yesterday so my bias will be for the short here as well. The best level is at 1.5748 but a test up to 1.5765 could be in the cards also considering the proximity the lower level is to current price.
EUR/JPY Keeps Step With Euro Weakness
The push on the EUR/JPY almost mirrored the EU showing its still holding its correlation to the EUR/USD so I will expect that to continue looking for the short here today. Right now the 138.51 or just a little higher should be where they turn while any conviction above 138.63 will add probability for a test higher as long as the EU agrees.
Forex News Today
The calendar is slower today with only German IFO Business Climate during the London session. At this point baring a very large miss they will be waiting for any outcome from the Euro Group Meetings that end later in the day. Keeping an eye out for tape bombs before hand is also a good idea.
The US has their GDP data expected to improve but still remain negative. In order to have any faith they have any chance of raising rates in September this really needs to jump positive. Otherwise the probability goes way down if its a disappointment.
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