EUR/USD Update

EUR/USD broke 1.3000 and pushed up to 1.3010 on news of a deal that the next tranche of aid will be released to Greece. EUR/USD is currently trading at 1.2980 - consolidating within a range of 1.2950 - 1.3000.

Levels are key here, as they should give very clear indication of whether or not the move up from 1.2660 has run out of steam. Although market fundamentals in Europe continue to decay, it's important to be careful shorting the Euro because there is no reason it can't continue to grind higher. EUR/USD is clearly in an uptrend on the 60 & 240 minute charts. We could currently be in a "buy the rumor, sell the news" situation (the deal on Greece), or it could be a buy the rumor, buy the news, buy Euros despite reality type of situation. If U.S. and European equity markets don't come under pressure and risk remains well bid then the Euro could very well continue its ascent.

Alternatively, I think at least a short term correction back down to 1.2900 is the more likely scenario. EUR/USD has come straight up from 1.2740 and I think this move may be exhausted on a short term basis.

Levels
1.3020
1.3075
1.3100 - once we hit 1.3100 it immediately puts the swing highs at 1.3140 and 1.3170 in sight

1.2950 - a break of this is likely imo, and should lead to a test of 1.2900
1.2900 - I think price is likely to either bounce off this level or at least consolidate here before a move lower.
1.2825-1.2835 - should we break 1.2900 then this should be the next area of decent support.