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Key Economic Data


The EURUSD is trading near the lows of 1.2165 as Greece faces a crucial presidential vote. Greek Prime Minister Antonis Samaras has failed at the first two attempts to reach the 200 Parliamentary votes needed to elect Stavros Dimas to President. In the third and final attempt today the required target is 180 supporting votes. The outcome of the second round of votingreached 168 meaning a further 12 Ministers are required to support Dimas in order to make him the new president. Failure to reach a positive outcome will result in a forced early election and the potential that left-wing Party Syriza and Alexis Tsirpas could come to power. Syriza has discussed several anti- EU plans and policies including supporting an exit from the EU common currency, renegotiating the bailout and memorandum with Troika and renegotiating the country’s foreign debts. Goldman Sachs has implied that failure to elect a new President within the three attempts could lead to a Cyprus like Bank Depositor Haircut and bank bankruptcies. This outcome could create havoc for the Euro currency and the European Union with fresh discussion of a Grexit leading to contagion in other member states. The outcome today could set the trend for early 2015 with a failure to elect the President leading to a crisis and concern in the Eurozone while a successful completion of the presidential vote in Greece will remove a big obstacle to further progress of the Eurozone project.

EURUSD Support areas include 1.2165, 1.2150, 1.2100, 1.2000, 1.1970. Resistance levels above are at 1.2300, 1.2380, 1.2402, 1.2444, 1.2500.

EURUSD 5 Minute Chart


EURUSD 1 Hour Chart


EURUSD Pivot Point Table

Resistance 1 1.2200
Resistance 2 1.2218
Resistance 3 1.2234
Pivot 1.2184
Support 1 1.2166
Support 2 1.2150
Support 3 1.2132