After the Syriza party victory in Greece, the USD slips against the other major currencies. The euro managed to close in green after a 2-day strong fall. The Syriza leader has vowed to renegotiate the bailouts, which are worth 240bn euros. The euro fell to an 11-year low against the USD before the voting results. However, the election results give hopes that a compromise over Greece's bailout terms might be found. In yesterday's economic data, the Ifo business climate index also supported the euro. The index rose to 106.7 points in January from 105.5 points last month, marking its third successive increase
If we look from the technical view, the pair has weekly resistance at 1.1460 and 1.1600. The pair has intraday resistance at 1.1275 and 1.1300. On the h4 chart, the prices are facing strong resistance at 12ema levels. At yesterday's session, we recommended selling at 1.1200 with the targets at 1.1100, 1.1050, 1.1000, and 1.0700. But the pair took a turn from 1.1098 and made a high at 1.1295. In case if the pair manages to trade above 1.1300, the next resistance will exist at 1.1360 and 1.1450. The safe buying will trigger above 1.1300. The intraday support is set at 1.1230 and 1.1200. We recommend fresh selling below 1.1200. Use every rise to sell which favors the current trend.
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