The EU authorities have finally decided to provide Greece with another substantial loan in order to help it avoid a default in March. Consequently, the common European currency has got another chance to appreciate. The major negative factor is eliminated.
The analytic team of HSBC is still sure that EURUSD will reach 1.34 in Q1 2012.
In the meantime, EURUSD is still moving in a range after increasing the wave level of the bullish wave A(C ) /shortened C H12. According to the department of Masterforex-V Trading System , a break above 1.3292 will make 1.3292 continue the forming of wave A(C )/C. The closest level of resistance is the 1.3320 high. A break below 1.3197 will trigger the bearish scenario. The closest level of support is the MF pivot 1.3186.
