More good news from Greece met with more euro selling
Now that Greece has been given a new drip to keep it alive the immediate default and exit risks have lessened. That should be good for Europe overall and possibly the euro however, as we've seen through the whole saga any positive news has usually been met with a big wall of sellers
The fact that Greece is ready to pay what's owed has been no exception and the market focus has switched back to the 'Guess the rate hike' game
The euro has met an old support level at 1.0820/25 and that's where the price has halted so far
EURUSD daily chart
The level has been strong support and resistance going back to Feb so shouldn't be taken lightly. That said, we've already had a small bounce and have quickly returned to test it again, and that's a big warning sign. Should it break then that opens the way to a deeper move down towards the 1.0660/70 level. This has been a similar level to 1.0820/25 so is worth noting
Care must be taken by those wanting to, or are, going long here at 1.0820/25 and a tight stop is probably the best protection. Ultimately the better trade would be to play the break, again, keeping it tight until it's confirmed by a retest. A stop somewhere above the mid morning high at 1.0865 looks to be the choice level
