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Euro lower in an uneventful Monday's session

Monday, Jan 12 2015
It is an uneventful Monday's session and there will be no major data releases from Eurozone in the rest of the week, so what we can expect is that euro will mostly depend on global concerns as well as speculations on possible ECB monetary steps at their next meeting on January 22.
 
Besides Europe being shocked by terrorist attacks in France, possibility that Greece could leave shared currency has the negative impact on euro. Greece will have to face with the snap parliamentary elections as only 168 lawmakers in the 300-seat chamber backed  Prime Minister Antonio Samaras’s nominee for president, Stavros Dimas, short of the 180 votes required.
 
The elections could bring the leftwing Syriza party led by Alexis Tsipras to power and derail an international bailout. Syriza party is ahead of Samaras’s New Democracy movement in opinion polls.Except that, there are a lot of speculations that ECB could introduce further monetary stimulus as Eurozone CPI fell by 0.2%, showing that all so far done measures were not enough to stop deflation trend.
 
After it initially went up, euro lost all of the gains and is currently being traded around 1.1820 area. We can expect a steadier rest of the session since there will be no major data releases from the USA. Pair is likely to find resistance above 1.18880 level and support around 1.1780 level.
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