The Dollar is peaking out above this week’s highs early this morning in the wake of rekindled concerns toward Greece. With reports of significant Greek bank deposit outflows (perhaps as much as 1 billion Euros) and EU officials set to meet to discuss the terms of a loan extension request later this morning, it is possible that the Dollar will see additional safe haven support in the coming hours of trade. Another issue that might be providing support to the Dollar is reports of fresh Russian troop and tank movement into the Ukraine which would seem to end Putin’s recent promise to use his influence to halt the fighting. Word from various EU Ministers suggests unhappiness with Greece’s request for more money and that suggests a very critical outcome is possible later this morning. The US economic report slate is thin this morning with a manufacturing PMI reading and export sales the only scheduled reports due out. A higher high to start leaves the bulls in control with little in the way of significant resistance seen until the 95.10 level.
Technical Outlook: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The intermediate trend could be turning up with the close back above the 18-day moving average. The upside daily closing price reversal gives the market a bullish tilt. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is now at 93.73. The next area of resistance is around 94.81 and 94.99, while 1st support hits today at 94.18 and below there at 93.73.