Following a surprising increase in intensity in recent sessions, the euro arrived in an overheated area while negative signals have appeared again.

Certainly the Greek Parliament adopted the bill that should enable the restructuring of the country's debt, but the extent of voluntary participation of private creditors remains unclear ; even if the Bundestag, the German parliament, has approved the second bailout plan, the finance ministers of the Eurozone, which are meeting on 1st March, will condition the first payments in respect of the measures promised by Athens.

Internationally, the bankers and finance ministers of the G20 have asked Europe to take a decision in March on the size of his shield against the debt crisis, a prerequisite for a possible strengthening of IMF resources.

Furthermore, while they look forward to know the amount that banks will loan for 3 years on the account of the ECB on February 29, traders must digest the latest European Commission forecasts that expect a return to recession in the Eurozone in the first quarter of 2012.

Technically, the currency has reached levels where the upside movement is extremely limited and our resistance 1.3482 USD appears to contain prices in the medium term. For the more offensive, above 1.3450 USD there is an opportunity of short selling with a tight stop-loss placed at 1.357. A reasonable first goal will be set at 1.3276 USD.