We've seen some decent euro demand in early European trading but now running into good resistance/offers across most pairs as I highlighted earlier in my German WPI post
EURUSD posted 1.1134 in a rush only to run into more sellers while EURGBP has offers entrenched still between 0.7125-30 and EURJPY plenty of supply between 135.80-136.00. Yesterday the pair looked offered for most of the day but crucially held onto the key support into 133.00 that I've mentioned a lot lately in posts and comments
So where from here for the euro? To me it's now a game of guessing what's factored in and what isn't on any Greek deal/Grexit. Is this rally in the euro as far we go even with any deal still to be announced or is this just Phase 1 with traders cautious that it could all still go very pear-shaped today and/or over the weekend.
Current levels of 1.1112, 0.7210, and 135.47 tell me that there is going to be plenty of supply in the rallies still with good two-way opportunity.
Don't look for any big moves at this early stage in the final hours of negotiations
It's not a done deal by any means yet
