Back
26 Jan 2015
EUR/USD: Vigorous bounce off 1.11 aimed to fill gap down
FXStreet (Bali) - Euro's slide accelerated to make a fresh 12-year low just a few pips below 1.11 before a vigorous bounce to 1.1180, just over 20 pips shy of closing its 50-pip gap down seen earlier in Asia.
According to the latest counting - around 80% of the voted have been counted so far - Syriza is projected to win 149 seats, just two short of an absolute majority, with outgoing Prime Minister Antonis Samaras already admitting defeat, calling Syriza's leader Tsipras to congratulate him for the overwhelming victory in the election.
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "Syriza’s victory sparks fears the country may default on its debt and eventually leave the Euro area, adding further pressure on the already vulnerable common currency. The overall bearish momentum is poised to extend further this week, and the short term picture favors the downside, as the 1 hour chart shows that the price retraced from a strongly bearish 20 SMA, whilst indicators turned south after correcting oversold readings."
According to the latest counting - around 80% of the voted have been counted so far - Syriza is projected to win 149 seats, just two short of an absolute majority, with outgoing Prime Minister Antonis Samaras already admitting defeat, calling Syriza's leader Tsipras to congratulate him for the overwhelming victory in the election.
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "Syriza’s victory sparks fears the country may default on its debt and eventually leave the Euro area, adding further pressure on the already vulnerable common currency. The overall bearish momentum is poised to extend further this week, and the short term picture favors the downside, as the 1 hour chart shows that the price retraced from a strongly bearish 20 SMA, whilst indicators turned south after correcting oversold readings."