EUR Trading Outlook (10-02-2015)

EUR/USD The pair got hit late in Europe’s morning and headlines that the UK’s PM chaired a meeting with treasury & BoE to plan for a possible Greek Euro exit. The slide saw EUR/USD fall from near 1.1350 towards 1.1310 into NY’s open. Bear pressure persisted in early NY as the market was also expecting some USD bullish follow through after Friday’s US jobs data. The pair hit 1.1270 but couldn’t make more progress. RM bids in the 1.1260/70 zone halted the slide. With now new impetus for USD strength, short covering took hold. A steady ascent towards 1.1350 ensued with relatively few dips. LAte in the day the pair sat nearer to NY’s high and had offers into the 200-HMA (1.1361) under threat. There is little major data due out of the EZ or US tomorrow so the pair may stick to a tight range. headline risk out of Greece and Russia (re; Ukraine) could be the main drivers for tomorrow’s session.