EURUSD keeps trying to recover above 1.3100 this week, but the rallies are getting successively shorter each time as good selling interest caps the topside. We expect this situation to remain as long as the Greek bond swap talks remain unresolved; although for now there is still a 1-month uptrend channel in play which makes our bias mildly bullish.

Should the bulls manage to get a second wind, the problematic area of resistance is 1.3215-35 (13 Dec, 27 Jan, 31 Jan & 1 Feb highs); a break above there would open the path to 1.3434 (9 Dec high), 1.3460 (8 Dec high), and 1.3486 (5 Dec high).

First supports from here are eyed at 1.3086 (2 Feb low), 1.3070-80 (lower edge of uptrend channel), 1.3026 (1 Feb low), 1.2931 (25 Jan low), 1.2876 (23 Jan low), 1.2839 (19 Jan low), and 1.2711 (17 Jan US session low).

MT4 - EURUSD keeps trying to recover above 1.3100 this week, but the rallies are getting successively shorter each time as good selling interest caps the topside. We expect this situation to remain as long as the Greek bond swap talks remain unresolved; although for now there is still a 1-month uptrend channel in play which makes our bias mildly bullish.

Should the bulls manage to get a second wind, the problematic area of resistance is 1.3215-35 (13 Dec, 27 Jan, 31 Jan & 1 Feb highs); a break above there would open the path to 1.3434 (9 Dec high), 1.3460 (8 Dec high), and 1.3486 (5 Dec high).

First supports from here are eyed at 1.3086 (2 Feb low), 1.3070-80 (lower edge of uptrend channel), 1.3026 (1 Feb low), 1.2931 (25 Jan low), 1.2876 (23 Jan low), 1.2839 (19 Jan low), and 1.2711 (17 Jan US session low).

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