Euro is under pressure!!! Looks like it needs a massage..hehehe...
The euro is under some pressure on Monday on the back of a light day for economic news and data, and as euro zone Finance Ministers meet to discuss the fate of Greece.
Finance Ministers from euro zone nations are meeting in Luxembourg for a regularly scheduled meeting on Monday, where a variety of topics will be discussed from the economy, to the reappointment of Eurogroup President Jean-Claude Juncker, to the debate over who will be the next Vice-President of the European Central Bank, to Greece’s fiscal position.
There is talk from traders that the group is planning a harsh statement on the state of Greece’s public finances, as well as the disorganization within the country’s national statistics agencies.
The moves in the European currency are also being influenced by a low-volume trading day in the United States, which is closed for Martin Luther King Jr. Day.
EUR/USD last traded lower by 13 pips at 1.4374. So far today, the pair has traded in a range of 1.4335 to 1.4394. Short term support lies at 1.4335 with resistance at 1.4579.
Meanwhile, EUR/GBP last traded at 0.88101, down 351 pips. So far today, the pair has traded in a range of 0.87826 to 0.88395. Short term resistance lies at 0.90282 with support at 0.8772.
The question lies in whether or not the meeting will yield anything that the markets haven’t already priced in.
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