The weakening of the Eurocurrency amid progress in the Greek bond swap keeps worrying the expert team of Rabobank. They say that even despite positive news from Greece the Euro cannot strengthen further against the US Dollar, which means that the previous rally (that made a new local high on Feb 24th) is exhausted. The major market driver is the pressure caused by excessive liquidity after February’s LTRO.
According to Brown Brothers Harriman, EURUSD may well reach 1.30 as the European economy is falling into recession amid positive economic stats from the USA.
According to the Department of Masterforex-V Trading System , EURUSD is in the process of forming a downswing – wave A(C )/C of wave level H4.A break below 1.3095 will continue wave A/B of Daily2. The closest major levels of support are 1.2973, 1.3055/47, 1.3006/01. The downward movement will be completed after the price breaks above the MF pivot 1.3271.
