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Euro still waiting for Greece
EUR/USD is trading in the €1.12 region and the currency pair hasn’t moved much in the past two trading sessions. The Greek debt saga is still dragging on, and it looks like talks will take place over the weekend then spill into next week.
Even if all goes well it could be Tuesday before the Greek government will pass a deal, and that is assuming an agreement is struck over the weekend. The history of the eurozone debt crisis has taught us that a deal is reached at the last minute, and traders are quietly confident a compromise will be reached.
As I previously stated, dealers have been ignoring positive economic data from the US, and yesterday’s jump in consumer spending was the biggest in six years. However, it had little impact, and this confirms my suspicions that the dollar will continue to decline.
It is a small concern that during this month EUR/USD has failed to take out the May high, but the bias is still to the upside. EUR/USD has been moving higher since March with the resistance at $1.14 as the target, and a sell-off will find support at $1.10.