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EUR/USD dips below $1.14
The currency pair is back below the $1.14 mark as the Greek banking system has been cast a lifeline. However, the application to the bailout scheme still casts a shadow over the indebted nation. Greek politicians have being playing hardball with the ECB lately, but European policy makers may request new terms in exchange for an extension to the loan. The Syriza party has taken a firm line against Frankfurt, and if that trend continues it is likely to be knocked back for a loan extension, which will renew selling of EUR/USD.
It has been trading sideways in the recent sessions, and is currently encountering resistance at $1.14. If this mark is held, downside support at $1.1340 will be the target. A break above $1.14 will bring the upside resistance of $1.1440 into play.