After initial decline euro managed to rebound in the course of the last week, mostly due to more dovish than expected dovish FOMC statement and as there were no important events from Eurozone. However, gains were a bit offset by the fact that Greece is just step away from default. With no major data releases next week we can expect a bit of consolidation initially in the week, with traders being cautious awaiting for news regarding the Greece. We can expect some short-term support around 1.1250 handle, but this is not major supportive area for this pair and could work only initially in the week. Above 1.1430 level and near 1.15 handle in extension there is plenty of resistive points that should offer short-term selling opportunity. Long-term looking we believe, that pair has bullish potential for hitting 1.15 handle that should offer plenty of resistance and we would not buy the pair before we see break above this area, especially with Greek concerns in mind. We have no interest in selling the pair until we see break below 1.10 handle.
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