Euro again tests our resistance of 1.3276 USD, driven by the result of 13 hours'dealings in Brussels after which an agreement on a new rescue plan emerged.

After the Chinese central bank has revived risk appetite the last weekend by announcing a 0.5 % further reduction of the rate of banks mandatory reserves, glances were indeed to the Eurogroup and the conditions for the bailout of Greece.

Finally, the country will not leave the Eurozone. According to figures previously announced, a new help of 130 billion euros will be granted while Greece respects its austerity program. It comes with a discount of 53.5% of the bonds held by private creditors, or 107 billion euros, which will result in an exchange of securities until early March. The ECB and the national banks in the euro zone will also contribute by giving up the profits from the Greek securities acquired on the secondary market.

The monitoring of the Troika will certainly be strengthened and Greece has already set up a series of priority measures to obtain a first part of aid needed to pay 14.5 billion euros on 20 of March. Despite this international support, the markets are concerned by the situation, as the sacrifices implied by the austerity are harmful to growth. Also, the parliamentary elections in April could challenge the conditions imposed by the bailout.

Graphically, the formation of a trading range is to clarify and any approach to our current level of 1.3276 USD offers an opportunity to sell. However, a sustainable crossing of the highest annual (1.3320 USD) would invalidate the scenario of a decline in the short term.