After the voting late at night, Greece saved Europe once more from bankruptcy! It is such a big economy with very rich resources that everytime a minor thing happens to these guys, all of Europe is drowned into uncertainty and depression!
This seems to be what the markets believe in recent months. Every positive event is celebrated and welcomed with cheers whereas any type of bad news brings the markets down immediately. The relatively high news effect can shift the jugdement of technical analysts like me as it increases volatility and possibility of unexpected news.
At the close of last week, after breaking 1.3180 till 1.3155, I was expecting the downside move to last till 1.3080′s, but we closed around 1.3200.
1.3320-1.3360 range is very critical. News effect can bring the prices up to that level today, but I don’t expect it to pass this level. 1.3200-1.3180 range is still a very critical support level and we may see the downside move to accelarate if we see below 1.3180 once more.