The situation in Greek debt negotiations is reaching its critical stage and the market is increasingly expectant that either a workable solution is signed very soon or else Greece exits the EUR; looks like we are talking now about days rather than weeks. All of the EUR pairs are looking very bearish in short-term, and the Fed minutes forced some USD bears to alter the projections, thereby increasing the pressure on EUR/USD.
I’m still in the short-term range trading camp though we may find that the range has shifted down a plane or two. 1.3000/1.3300 was pretty much the previous range and given current sentiment, I wouldn’t be surprised if this shifted down to 1.2850/1.3150, or something of that order.
Don’t have too many high hopes about increased momentum in Asia; the usual modus operandi here being to trade against the overnight trend. In addition, Tokyo has been keen to buy the JPY crosses over the last two days.
Good luck today.
