EUR/USD (Intraday Forecast)
Reversing lower off strong resistance at 1.2651, but all eyes on Greek election
The EUR/USD rallied yesterday on optimism that Greece would find a workable coalition from its election vote this weekend. Technically, the pair rallied into previous resistance near the monthly Pivot Point (1.2651) before showing signs of reversing lower overnight. Specifically, rates carved out a Dark Cloud cover formation on the 4hr chart, indicating a potential shift from buying to selling pressure in the near-term. Short-term traders may want to look for intraday selling opportunities ahead of the weekend, but with the extreme uncertainty surrounding the Greek elections, traders should be extremely wary of holding trades over the weekend.