Comments from officials at the Euro area Finance Ministers’ talks with Greece dominated the airwaves in early dealings today but the euro’s reaction was relatively tame, as it traded down near $1.1340 before it started the Asia-Pacific day around $1.1350/55. It resumed its downmoves as comments from Greek finance minister Varoufakis were published and which were generally not reassuring. Euro-dollar slid further to a $1.1322 low a few minutes after Japanese stocks opened but that, surprisingly was the extent of today’s losses so far. Euro-dollar regained some composure after that and retraced higher through the rest of the morning, climbing back to $1.1360 by the late morning. It last trades at $1.1361. Next support is seen at $1.1300-05 followed by the previous week’s support in the $1.1270-80 area. Resistance remains at $1.1472, marking the 76.4% Fibonacci retracement of the pair’s $1.1534 to $1.1270 fall.
