It seems like bulls is a step behind in this rope pulling game as bears managed to grab the pair lower so far today. Optimists over the Greek-Euro deal hoped that this could be the first footstep for Europeans out of this depressing circle for the regional and global markets, and should continue to ease the ongoing tension, and push the Euro to continue the relative recovery we have seen recently.
On the other hand, bears were backed by convictions that the Greek economy is too messy to be rearranged; and it won't be able to achieve the main spending cuts that would decrease its debt to around 120.5% of its GDP. Thus the ongoing hype over the deal is useless and won't do any better at the end.
On more to take into consideration regarding today's price action, a downside correctional move may be reasonable, following the rally we have seen from 1.2970 bottom; the rally mainly was driven by market optimism that this deal is going to happen, and guess what it happened, thus traders are locking some profits on the old-fresh news.
The EUR/USD dipped below 1.3200 to print a new daily low at 1.3186, after opening the day at 1.3242; however it pared some losses currently trading just below the opening price at 1.3235. The pair is currently attempting to gain upside momentum once more towards 1.3240 areas, where it spend the day fluctuating around the level. Only a breach of the highs around 1.3320 shall extend the bullish rally further towards 1.3500 areas, to the downside 1.3180 should be monitored carefully, a breach below could extend losses to 1.3015 and 1.3075 and 1.3000. In general, the pair's volatile ranging stance for the past couple of days continues to be effective
GBP/USD dropped sharply today, after opening at 1.5850 pair printed a low at a minor support level near 1.5770, currently trading 1.5800. The pair managed to print lower lows and lower highs over the hourly time-frame, hinting the near term outlook has turned bearish, unless we see a push above 1.5827 again. The latest low and important support at 1.5770 a breach below could extend the wave to 1.5735 and 1.5700. Above 1.5827 we could see another run to 1.5865 and 1.5900.
The USD/JPY continues to hover around the major high we mentioned numerously at 97.50, a cluster of resistance levels resides near as well, where another major high at 80.22 could strengthen the resistance. A downside correctional move could be in the process of starting soon towards 78.30-78.50 breached resistance levels, however a breach above 80.22 could negate it for now. The pair is slightly up today, opened at 79.61 while currently trading at 79.69.
Gold has breached an important bullish flag pattern by trading above the resistance of the formation at 1737.00. I look for another test of the latest swing high at 1762.00 in the near future, and maybe towards 1800.00, but trading should remain steady above 1715.00. Intraday day levels to watch at 1743.00, 1735.00 and 1730.00 supports, on the other side 1750.00 followed by 1760.00 areas the main resistance levels. In general; the commodity found good demand today after the opening the session at 1734.00, to currently trade around 1747.00.