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European leaders are all gathering in Brussels to resolve the Greek crisis and to reach a deal that would keep Greece from exiting the Euro zone.
Euro remains a good buy against major counterparts as a deal could push it higher riding on both optimism and short covering.
- Dollar remains downside biased since FOMC slashed rate hike hope in the short term and hopes of those betting on rapid rise of interest rates and swift action by FOMC. Euro looks a near term buy, however risk -rewards remains unfavorable.
When compared to Risk Reward, Euro remains attractive buy against Pound and yen.
Versus pound -
- Euro-pound is currently trading at 0.717. It is advised to buy Euro against pound. Initial target is around 0.728, second one is at 0.738, third one is around 0.746 and final is a breakout target around 0.77 area. Stops are around 0.71, 0.70-0.695.
Versus yen -
- Euro is currently trading at 140 against yen. Target is around 145, with stop around 138.
