23 Dec 2014
EUR/USD eases from day’s high after Greek Parliament fails to reach a majority
FXStreet (Mumbai) - The EUR/USD pair has erased gains after the Greek parliament failed to reach a majority to elect a president in second round vote.
The pair now trades largely unchanged for the day at 1.2231 levels, after having declined from the high of 1.2246 hit earlier today. Moreover, Greek Prime Minister Antonis Samaras failed to get his candidate — Stavros Dimas — elected in the first round on Dec. 17, and now that Dimas received only 168 votes, which is lower than the required 180 votes, the parliament has to vote for a third time next week.
The markets are worried that if no President is elected, then snap elections would be held in January which can bring uncertainty about Greece back into the spotlight.
EUR/USD Technical Levels
The immediate support is seen at 1.2230 (200-month MA), under which losses could be extended to 1.22 levels. Meanwhile, resistance is seen at 1.2246) and 1.2273.
The pair now trades largely unchanged for the day at 1.2231 levels, after having declined from the high of 1.2246 hit earlier today. Moreover, Greek Prime Minister Antonis Samaras failed to get his candidate — Stavros Dimas — elected in the first round on Dec. 17, and now that Dimas received only 168 votes, which is lower than the required 180 votes, the parliament has to vote for a third time next week.
The markets are worried that if no President is elected, then snap elections would be held in January which can bring uncertainty about Greece back into the spotlight.
EUR/USD Technical Levels
The immediate support is seen at 1.2230 (200-month MA), under which losses could be extended to 1.22 levels. Meanwhile, resistance is seen at 1.2246) and 1.2273.