The FOMC minutes failed to deliver surprising data again helping the euro close back above 100Dsma found at 1.1030. The 20Wsma was found at 1.1020.
Traders’ eye shifted to the Sunday’s event as this is a day when the EU heads of 28 member states will attend the summit again.
Technical view: The weekly resistance is seen at 1.1101, 1.1120, and 1.1180. Until the pair closes below 1.1180, bears will have the upper hand. The long-term picture favors moving to the sub-level at 1.000.
After the FOMC minutes release, USD lost its gains against the euro. The pair successfully closed above 100Dsma. It has been consolidating at 1.0950 on a daily closing basis. A daily close below this will open gates for 1.0820, which is the previous swing low. The pair has been extending lower highs and lower highs.
Developments in Greece are the only driving factor during this week.
Intraday: The pair is trading at 1.1070 compared to Wednesday’s closing price of 1.1076. Intraday resistance is seen at 1.1100, 1.1120, and 1.1150. Small buying trade is available above 1.1120 with targets at 1.1150 and 1.11750, which looks risky. Safe buying is available above 1.1180 with targets at 1.1220, 1.1240, and 1.1280. At today’s session, the pair is likely to stretch to 1.1100 or 1.1120 in the extreme case. Use any rise to sell. Today’s trade is likely to be influenced by US unemployment claims.
Intraday fresh selling trade is available below 1.1000 with targets at 1.0980, 1.0960, 1.0940, and 1.0900. Safe selling is likely to be triggered below 1.0950.
The material has been provided by InstaForex Company – www.instaforex.com