Friday’s trade saw EUR/USD within the range of 1.1378-1.1443. The daily high has also been the highest level since February 6th, when a high of 1.1488 was recorded. The pair closed at 1.1385, losing 0.16% on a daily basis, while following two consecutive days of gains.
At 8:02 GMT today EUR/USD was up 0.25% for the day to trade at 1.1420. The pair touched a daily high at 1.1429 at 7:55 GMT.
Fundamentals
Euro area
Eurogroup Meeting
Finance Ministers of Euro area Member States are to hold another meeting in Brussels today, with its focus being the Greek debt situation. Higher market volatility may be seen after the official decision is announced.
“We’re looking at difficult negotiations on Monday,” Greek Prime Minister, Alexis Tsipras, said in a weekend interview with German Stern magazine. “Nevertheless, I’m full of confidence.”
Greek Finance Minister Yanis Varoufakis said that his country and technical delegations from the European Commission, the European Central Bank and the International Monetary Fund have already reached an agreement on many issues, the Kathimerini newspaper reported on Saturday. However, there was still uncertainty whether a final agreement will be struck today.
German Buba Monthly Report
At 11:00 GMT Deutsche Bundesbank is to release its Buba Monthly Report, which contains relevant articles, speeches, statistical tables, and provides detailed analysis on current and future economic conditions from the banks point of view.
United States
The President’s Day
Every third Monday in February is referred to as the President’s Day federal holiday. This day commemorates all the past presidents of the United States and honors the life and deeds of George Washington, the first US President. Banks are to remain closed.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.1402. In case EUR/USD manages to breach the first resistance level at 1.1426, it will probably continue up to test 1.1467. In case the second key resistance is broken, the pair will probably attempt to advance to 1.1491.
If EUR/USD manages to breach the first key support at 1.1361, it will probably continue to slide and test 1.1337. With this second key support broken, the movement to the downside will probably continue to 1.1296.
The mid-Pivot levels for today are as follows: M1 – 1.1317, M2 – 1.1349, M3 – 1.1382, M4 – 1.1414, M5 – 1.1447, M6 – 1.1479.
In weekly terms, the central pivot point is at 1.1366. The three key resistance levels are as follows: R1 – 1.1462, R2 – 1.1540, R3 – 1.1636. The three key support levels are: S1 – 1.1288, S2 – 1.1192, S3 – 1.1114.
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