Greece has refused the extension of the bailout programme at the recent meeting of the 19 finance ministers of Eurozone members, which has lead it one step nearer to the way out from Eurozone. This would put whole Eurozone into danger and the future development will mostly depend on ECB. With Greece out, some outher Eurozone members could wish to exit from Eurozone.
However, ECB President Mario Draghi has been quite clear that ECB will do anything what is necessary to preserve stability of euro. Recent ECB monetary measures aimed at stopping deflation trend in Eurozone have put euro under great pressure, from which euro is still far away from recovering, so in our opinion ECB will do everything in its power to stop further depreciation of euro, which means that positive outcome of Greek crisis is quite likely.
EUR/USD pair is currently being traded around 1.1420 level. We believe that it will find support around 1.1380 level and resistance above 1.1450 area. Later today, we would pay attention to ECB Monetary Policy Meeting Minutes that are about to explained what influenced recent ECB monetary policy decisions, as well as US Unemployment Claims and Philly Fed Manufacturing Index figures.
