EUR/USD is moving higher towards the old resistance line, after getting a boost from strong PMI figures. It’s still well below levels seen last week, despite the credit warning for the US and due to the imminent Greek default. Here’s a quick update on technicals, fundamentals and what’s going on in the markets. EUR/USD Technicals Asian session: Euro/Dollar traded in a low and narrow range above 1.42. The rise began afterwards. Current range – 1.4160 – 1.4282 Further levels in both directions: Below 1.4160, 1.4030, 1.3950, 1.3860, 1.3760. 1.37, 1.3440. Above: 1.4282, 1.4375, 1.4450, 1.4520, 1.4580, 1.48, 1.50, 1.5144 1.4282, which was the peak in November and capped the pair recently, now works as tough resistance once again. 1.4160, which was a pivotal line in the lower range, is now strong support once again. Euro/Dollar looking to move higher – click on the graph to enlarge. EUR/USD Fundamentals – 7:00 French Flash Services PMI. Exp. 60.1 points. Actual 63. 4. Significant surprise 7:00 French Flash Manufacturing PMI. Exp. 55.2, actual 56.9. 7:30 German Flash Services PMI. Exp. 59.9. Actual, 57.7. Disappointment. 7:30 German Flash Manufacturing PMI. Exp. 60.1. Actual 61.7. Strong figure. 8:00 All-European Flash Manufacturing PMI. Exp. 57.2. Actual 57.7 points. Overall improvement, also in the smaller countries. 8:00 All-European Flash Services PMI. Exp. 57. Actual 56.9. 8:00 European Current Account. Exp. -2.3 billion. Actual -7.2. 12:30 US Building Permits. Exp. 550K. 12:30 US Housing Starts. Exp. 530K. * All times are GMT. For more events later in the week, see the EUR/USD forecast EUR/USD Sentiment S&P credit warning for the US: The rating agency warned that the US could see a credit downgrade in the future, if it doesn’t take care of its debt. This shocker was mostly felt in USD/JPY, but also helped EUR/USD stabilize. Reactions to this move will continue shaking the markets. Default for Greece?: More rumors about an imminent restructuring / default for Greece continues to weigh on the Euro. This is constantly denied, but the path is clear. A default will be a precedent that could impact other countries. As we’ve seen with Portugal, the denial of the bailout led to a bailout… Bailout for Portugal – There’s no government in Lisbon, making it hard to agree on a bailout program. In addition, the outcome of the Greek bailout poses doubts about the chances of successful move in Portugal. Portuguese yields already passed the 9% mark. See more about The Portuguese bailout Finnish elections: Anti-European parties made serious gains in Finland, meaning that the bailout for Portugal and other European moves could meet a strong hurdle from this strong, rich country. But as we’ve seen with Ireland, there’s a big gap between the pre-election promises and reality. 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EUR/USD Daily share Read Next USD/CAD Dropping After Strong CPI Yohay Elam 11 years EUR/USD is moving higher towards the old resistance line, after getting a boost from strong PMI figures. It's still well below levels seen last week, despite the credit warning for the US and due to the imminent Greek default. Here's a quick update on technicals, fundamentals and what's going on in the markets. EUR/USD Technicals Asian session: Euro/Dollar traded in a low and narrow range above 1.42. The rise began afterwards. Current range - 1.4160 - 1.4282 Further levels in both directions: Below 1.4160, 1.4030, 1.3950, 1.3860, 1.3760. 1.37, 1.3440. 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