The pair opened in Sydney at $1.1300 and witnessed a rocky early few hours thanks to news about Greece and the debt negotiations with the EU. The pair climbed from $1.1300 to $1.1346 on news from CNBC that a Greek deal had been made in principle, however this was subsequently denied by Greek officials. Euro-dollar eased back to $1.1320 in response. A second wave of short covering ensued, allowing the pair to rise to $1.1350 again, before it eased to $1.1340. Finally Greek finance minister Varoufakis announced there would be no deal today with talks to resume on Monday, and euro-dollar responded with a drop to $1.1303 low. With that part of the morning done, euro-dollar then remained just off the low as traders took on a wait-and-see posture ahead of the European session and possibly more news heading into Monday’s meeting. Euro-dollar last trades at $1.1309, with traders warning of sharper losses should $1.1300 give way although there has been some talk of demand in the $1.1280/70 zone in the last few days. German CPI is due for release at 07:00 GMT, however, Greek debt discussion will likely take center stage. Support is noted at $1.1264 marking the 61.8% fibo retracement on the $1.1098 to $1.1534 rise
