The Greek factor is back to the market again resulting in a spike at Friday's session. The
pair moved towards 1.1114, but rejected at higher levels again and closed below
20Dsma. Friday's trading pattern showed that weakness still takes place. During three consecutive weeks, the pair has been closing below 20Wsma at 1.1050.
official: the IMF and Greece has not reached an agreement on a new debt plan yet. Greece
and Europe are ready to make the relevant decisions. The IMF
officials can only support a comprehensive rescue package for Greece.
costs for civilian workers was little changed at 0.2 percent, seasonally
adjusted, for the 3-month period ending June 2015, as the US Bureau of Labor
Statistics reported Friday.
Traders eye PMI data today, especially the one from Spain, but trade remains under the influence og the US ISM
In the four-hour chart, the pair has been trading in an ascending bearish channel, rejected
at the upper end of the trendline willing to go further down. In alternative way, a
daily close above 1.1130 will be added to the system.
pair trades below 1.1080, sell on rises. The supply
zone remains between 1.1085 and 1.1100 50Dsma. Until the price closes below
1.1100, selling on a rise will favor the positional trade. We have been recommending the
same strategy for a while, the Friday's session proves the strategy remains
in play for the near term. Monthly support is found at 1.0730.
resistance is seen at 1.1000, 1.1040, and 1.1085. Support is found at 1.0960, 1.0920,
and 1.0890. In case the pair lost 1.0850, selling will accelerate.
selling is available below 1.0950 with targets at 1.0920 and 1.0900, selling accelerates
below 1.0890. Buying is available above 1.1010 with targets at 1.1030, 1.1050, and 1.1080
wraps with risk.
The material has been provided by InstaForex Company – www.instaforex.com