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The EURUSD started the week with a bang due to concerns of election results in Greece and France. Towards the end of Tuesday trading in the pair settled down and consolidation was the name of the game. Most data coming out if Europe is bleak at the moment with Greece threatening to leave the Eurozone and Spanish unemployment and banking defaults clouding the picture. Heading into next week the focus will be on the 1.29/1.2860 support zone. If this level gives there isn’t much technically stopping the pair until 1.2625. I would expect a bounce a some point for this pair and resistance begins at 1.2980 followed by 1.3060. It should also be pointed out the gap never filled from last Sundays decline.

Sup 1.29/1.2860

Res 1.2980 1.3060