The U.S. Dollar gained against the Euro on Wednesday as investors continued to fear the worst concerning the Greek Debt crisis.

The U.S. Dollar gained against all the majors:

CRNCY14-Jun15-Jun   PIPS    %
EURUSD1.44331.418  (0.0253)-1.75%
USDJPY80.5180.96    0.45000.56%
GBPUSD1.63721.6191  (0.0181)-1.11%
USDCHF0.84520.8527    0.00750.89%
AUDUSD1.06871.0576  (0.0111)-1.04%
USDCAD0.9690.9787    0.00971.00%
NZDUSD0.81780.8062  (0.0116)-1.42%

 

The U.S. Dollar strength was dominated by Greece uncertainties and looks poised to continue its strength with only two days left in the week.

Greece Debt Crisis

Thousands of people gathered on the streets of Athens to protest government cutbacks required to avoid a default on the government's debt.  The Greek protests forced Government shake up.  Greek Prime Minister George Papandreou said Wednesday he would shuffle his cabinet and demand a vote of confidence in Parliament.

Before we even went into substantial talks, the opposition brought up conditions that can't be accepted, Mr. Papandreou said in his address. I will continue on the same path.  Tomorrow I will form a new government and seek a vote of confidence from parliament.

Before we even went into substantial talks, the opposition brought up conditions that can't be accepted, Mr. Papandreou said in his address. I will continue on the same path.  Tomorrow I will form a new government and seek a vote of confidence from parliament.

Technical Corner:

EUR/USD is down 1.2% on the week.  The next support level is 1.4082 followed by 1.3841.  There's two days left in the week and volatility does not look ready to recede anytime soon.

The 100 Daily Simple Moving Average (SMA) level is 1.4151 and interesting to note today's low was at 1.4156.

200 Daily SMA is at 1.3816.

The U.S. Dollar index, DXY, 200 Daily SMA is at 75.78 and today's high was 75.66.

If the U.S. Dollar were to change its bearish trend, the first neccesary hurdle would be to close above the 200 Daily SMA at 75.78 and to cross above the psychological 76.00 level.

Read: EUR/USD: Down 2% as Greece Debt Crisis Worsens

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