Cyprus Cancels Tuesday’s bailout vote

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Well it looks like this latest EUR melodrama is going to play out for a little while longer. Realizing that he doesn’t have enough votes to pass the bailout and levy proposal tomorrow,

Cypriot President Nicos Anastasiades has canceled Tuesday’s vote. The Central bank of Cyprus has decided to extend the current bank holiday until Thursday.

After the vote cancellation was announced, the EUR dipped to the 1.2930 level but found good support there and is currently trading back near the 1.2960 level.

Support and resistance overnight should remain at 1.2920 and 1.3000, respectfully.

Further reading: EUR/USD weekly forecast

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Matthew Lifson is a Foreign Exchange Trader and a Market Analyst. with Cambridge Mercantile Group.