Other comments from Sapin

  • Work is still needed on fiscal targets for Greece
  • He hopes deals on Greek fiscal targets still possible by end of the year
  • no compromise yet on IMF participation in Greek bailout but work progresses

The EURUSD continues to march higher. It traders at 1.0792. The 1.08157 is the 38.2% of the move down from the Election high. That corresponds with the lows from March at 1.0824 (from March 2) and 1.08166 (from March 10).

The EURUSD has moved back into a resistance area as defined by swing lows going back to May 2015. IN November 2015, the pair moved below that level (defined by 1.0777-1.0821). That area was broken in January and most recently over the last month.

The pair made a new low today - taking out the triple bottom on the daily chart from April 2015, December 2015 and in November. That break was quickly reversed and we are now 292 pips from the lows