Germans don't like Greek proposal
The Greeks penned their proposal. The German's are quick to dismiss it. The EURUSD scooted lower on the German's rejection headlines.
From a technical perspective, the price for the EURUSD fell to support near the 50% retracement of the move up from the February 9 low to the high reached in trading today (at 1.1359) and the 200 hour moving average (green line in the chart above at 1.13632). Resistance comes in at 1.13805 now (38.2% of the move up) and the 100 hour MA at 1.1391 (blue line). The market stalled at this area on the way down. It now becomes intraday resistance if the bears are to take the pair lower.
The next downside targets come in at the 1.3333-41 area with the low from yesterday, the 61.8% retracement and the trend line connecting most recent lows.
With a proposal on the table and Germany rejecting it, the endless loop continues. The market will likely continue to remain choppy. Be patient (sell on a rally first?), Expect up and down fits and starts though. The first look below the 1.1359 was a failure. If there is a second break, look for the momentum with a run to yesterday's lows.