Greek debt delay adds to uncertainty ahead of the EU meeting today

<p>EUR/USD Range: 1.2854-1.2910 Support: 1.2800Resistance: 1.3000 A shaky start to the week for the euro, with the single currency off 60 points from the New […]</p>

EUR/USD

Range: 1.2854-1.2910 Support: 1.2800Resistance: 1.3000
A shaky start to the week for the euro, with the single currency off 60 points from the New York close on Friday as a deal between Greece and its creditors becomes elusive.IMM data from the CFTC showed speculators hit another record for short euro positions at 160,030 contracts despite the rally at the end of last week. Eurozone finance ministers meet today in Brussels to discuss the latest developments on Greece so traders expect a quiet market before headline trading likely starts at 4pm London time.

USD/JPY
Range: 76.91-77.08Support: 76.80 Resistance: 77.30
USDJPY traded in a 20-point range either side of the pivot level at 77.00. EUR/JPY had a positive week, closing in on the 100.00 level but with optimism growing in equity markets with the S&P closing the week above the 1315 resistance level. The signs are starting to look encouraging for a potential slow move higher for this pair, with the next real test for USD/JPY being the 77.70 level but one imagines we would need a move higher in the 10-year treasuries with a break needed above the current yield of just over 2% also to confirm support.
GBP/USD

Range: 1.5525 – 1.5570 Support: 1.5350Resistance: 1.5650
Not an awful lot to talk about with the pound sterling as the Chinese new year makes liquidity hard to find with the pound just mirroring EUR/USD moves in a quiet Asian session. This week’s highlights for the pound will come on Wednesday, with the release of GDP and MPC minutes, the latter will shed more light on further QE with the market looking for a £75 billion increase to come possibly at the next MPC meeting on February 9, 2012.

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