EUR-USD Prediction May 9 2012

forex trading outlook today - EUR-USD Prediction May 9 2012 ; While risk aversion continues to be in center stage, dollar is off daily highs, ahead of London closing bell, more likely on profit taking than anything else. Hitting the wires is Greek Conservative leader Samaras saying he is ready to tolerate a minority government, after early news showed the Left Coalition leader, Tsipras claimed bailout accord is “null and void”.

In Greece, political leaders were continuing to hold cross party talks aimed at forming a government, amid fears that the country will not have a government in place in time to secure its next tranche of international aid next month, as new elections look increasingly likely.

The euro traded lower against the U.S. dollar Tuesday, holding above the critical 1.30 level as post election political worries continue to weigh on the single currency, The EUR/USD extended its recovery to 1.3025 in a spike, right below immediate support set at 1.3035 by 20 SMA in the hourly chart.

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