The start of the trading week saw many currency pairs open with a large gap. Monday trading saw the EURUSD resume it's upwards march, and we were able to fit a trend-line in there (shown in blue). Tuesday morning (Australia time), just after New York close, prices have broken through this trend-line.
There's three red lines on this graph. The top line represents the high from 9th February, and the other two mark a broad consolidation range from 25th January to 7th February. Current price action is struggling to get out of this range. It succeeded briefly on the 16th Feburary when the 1.3000 price level was flirted with and briefly breached and now the current rally which has just topped the consolidation range but failed to breach the February 9th high.
On the daily chart (not shown), prices are still under the 100 period simple moving average, while the 4 hour chart (not shown) shows prices bounced from the 200 period simple moving average last week.
We're assuming the daily chart holds a little more weight, and will watch 1.33096 (the current daily 100 SMA) and 1.3000 to the down-side.
So, pretty much the same analysis as Friday. Some intra-day action but not much movement over-all. For today, we can watch if the price is able to climb back above the blue trend-line.
Looking at fundamentals, and oh look, Greece is in the news. How unusual. This article seems to sum up nicely how we feel about Greece.
