As details around the Greek deal remain vague, EUR/USD hesitates. Looking at the charts, there might be another reason for hesitation.
EUR USD close to Downtrend resistance – click image to enlarge
The thick black line begins at the 2011 high of 1.4940 and gets close to the prices twice in 2011. Also during this autumn, when the pair was in a tight range, it got close to the line, before falling. The recent rally also sends it very close to the line. Will it break or retreat?
The line is at 1.305054 at the moment, close to a minor flat resistance line. The top of the previous range is at 1.3170. Significant support is at 1.28.
For more technical lines, see the euro to usd forecast.
The Eurogroup and the IMF agreed only on a framework: 124% debt-to-GDP ratio in 2020, but there are ongoing negotiations on how to reach that target: how to offload 20% of GDP in debt.
Perhaps a big Greek salad?
