12 Feb 2015
EUR/USD dropping on no conclusions on Greece's meeting with Eurogroup
FXStreet (Guatemala) - EUR/USD is currently losing grip of its perch since headlines are now turning less positive with recent remarks coming from Eurogroup's Dijsselbloem confirming that there is still negotiations needed to tae place but alarmingly, he said that there was not enough progress to come to joint conclusions.
Meanwhile, the statement came underway by him and has now concluded. He was confirming that negations and a political agreement are still needed and they will continue on Monday - "There are no real conclusions that can be shared". Dijsselbloem did say that an extension was discussed of the bailout but, again, there were "no joint conclusions" on any detail of such an extension.
The press conference delegates were asking for details of what couldn't be agreed and also details in respect of the Ukraine situation with it being said that there has been good progress made and a statement will be made tomorrow; no further details were revealed.
Technically, the pair has recently been capped by the 20 day ma at 1.1398 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). The pair needs to break these levels to be a convincing correction. The Elliott wave counts intraday look negative and suggest a resumption of the down move with minor support at 1.1262 guarding the 1.1098 recent low, noted by Karen Jones, chief analyst at Commerzbank.
Meanwhile, the statement came underway by him and has now concluded. He was confirming that negations and a political agreement are still needed and they will continue on Monday - "There are no real conclusions that can be shared". Dijsselbloem did say that an extension was discussed of the bailout but, again, there were "no joint conclusions" on any detail of such an extension.
The press conference delegates were asking for details of what couldn't be agreed and also details in respect of the Ukraine situation with it being said that there has been good progress made and a statement will be made tomorrow; no further details were revealed.
Technically, the pair has recently been capped by the 20 day ma at 1.1398 and the initial retracement level at 1.1520 (23.6% retracement of the move down from October 2014). The pair needs to break these levels to be a convincing correction. The Elliott wave counts intraday look negative and suggest a resumption of the down move with minor support at 1.1262 guarding the 1.1098 recent low, noted by Karen Jones, chief analyst at Commerzbank.