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Euro edges lower ahead of Greek elections
Traders will be focused on Greece today as the third attempt to elect a president will be the main driver of EUR/USD in this trading session. If the indebted nation fails to elect a president we could see a general election within weeks.
Greek prime minister Antonis Samaras is in a tight spot as the recent polls put the left wing Syriza party in the lead, and as the party would look to renegotiate the terms of the bailout it could lead to a fresh wave of EUR/USD selling.
As Stan Shamu stated, Mr Samaras is unlikely to obtain the number of seats required to shore up support for his candidate. We are not anticipating any major economic announcements from the US or the eurozone today, which will put additional attention on Greece.
EUR/USD has been in a downward trend since May, and the decline has accelerated this month as speculation of QE in 2015 has ramped up and political uncertainty in Greece is back on the agenda. The $1.21 level is in the crosshairs and resistance will likely be found at the 200-hour moving average at $1.2204.