Daily outlook for EUR: UniCredit

Quotes from UniCredit Research:

-EUR: Two things will likely be the main focus today: the Eurogroup decision on the Greek proposals and Ms. Yellen's testimony before the US Senate. On the former, we fear that Europeans may need another Eurogroup meeting in order to give the green light to Greece for an extension of the current arrangement.

-This might induce some intra-day volatility but we would point out that Greek developments have not dictated EUR-USD price action, which is now at more or less the same level as before the emergency Eurogroup meeting on 11 February.

-Regarding Ms. Yellen's testimony, we think that ahead of the 18 March FOMC meeting it is unlikely she will shed more light on the timing of the first rate hike. Overall, we believe that EUR-USD will range-trade between 1.13 and 1.14, but we do see a risk for an upward move in the event a positive decision on Greece is reached already today.