EUR Trading Outlook (05-02-2015)

EUR/USD General USD strength and uncertainty over the Greece situation saw bear pressure applied to EUR/USD in Europe & NY. The pair slipped from the 1.1480 area in Europe & stood near 1.1460 into NY’s open. The ADP miss gave no relief for longs as the pair slipped towards 1.1435. The above f/c ISM non-Mfg data saw a boost to US yields and the USD. EUR/USD’s slide deepened. A Die Welt story noting the ECB GC was set to back liquidity assistance for Greek banks allowed a small bounced. Comments from EU’s Schulz stating Greece’s Govt has no choice but to keep if obligations to European partners stymied the bounce. The pair hit a NY low of 1.1399 and saw very little bounce as it sat near 1.1415 late in the day. The pair may be in limbo for now and hold between the 10 and 21-DMas. Traders don’t want to get too aggressive ahead of the US jobs data on Friday especially after the vicious moves seen on Feb 3.