With Greece submitting a loan request to the Euro zone and a weekly EU ministers meeting today set to decide whether or not to extend credit to Greek banks the outcome of the Greek situation might be closer than many might realize. With the Euro only managing to forge a sideways consolidation on the charts, in the face of persistent weakness in the Dollar over the last month, generally favorable spins on the Greek and Ukraine situations, we get the sense that the bull camp is losing its edge and that a fresh failure in the Euro might be ahead. Potentially critical support in the March Euro is seen this morning down at 1.1325.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market’s short-term trend is positive on the close above the 9-day moving average. The daily closing price reversal up on the daily chart is somewhat positive. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside objective is 115.3025. The next area of resistance is around 114.8150 and 115.3025, while 1st support hits today at 113.5450 and below there at 112.7625.