Greece’s optimism resulted in the euro sell-offs. It fell by almost 200 pips from an intraday high. Fed’s interest rate hike is back in the limelight. The greenback is well supported by traders who hope the hike will take place again.
Today, traders eye German ZEW economic sentiment. As usually, we expect negative readings. Besides, US retail sales data is due. In case June’s retail sales come out positive, the greenback is likely to get extra boost.
The pair rejected at 100Dema (1.1225) again falling below 100Dsma. At yesterday’s session the pair lost 20 and 50Dsma and 100Dema. Today, the pair opened below the 100Dema trading at 1.0000. The 20Wsma is seen at 1.1020.
The weekly resistance is seen at 1.1035, 1.1095, and 1.1125. Until the pair closes below 1.1125, use every rise to sell towards 1.0720 and even 1.0500. Earlier, the pair made a double top at 1.1465; later 1.1225 is the new cap.
The intraday support is found at 1.0990 and 1.0970. Intraday selling is advised below 1.0970 towards 1.0950, 1.0920, and 1.0900. Strong selling emerges below 1.0890 towards 1.0850 initially. A bearish wave is expected to expand towards 1.0720. Intraday resistance is seen at 1.1035, 1.1050, and 1.1100.
The material has been provided by InstaForex Company – www.instaforex.com