The creditors asked for tougher proposals from Greece. The final statement is not available yet. The Greek crisis still remains in the limelight this week as well. Besides, German ZEW economic sentiment is due on Tuesday, ECB press conference minutes and interest rate will be published on Thursday. This week is expected to be another crucial week for the euro.
Technical view: the pair managed to close above the 20Wsma at the previous week. The pair lost the 20wsma but finally managed to close above that. On the daily chart, the pair finally managed to close above 100Dsma at 1.1020. On a closing basis, the level of 1.0950 acts as strong support. The weekly parallel support is found at 1.0887 and 1.0819 is the previous swing low. These are few factors that are supporting bulls.
The 20& 50Dsma is seen at 1.1180 and 100Dema at 1.1220. The double top was set at 1.1467. In the four-hour chart, lower highs and lower lows formation exists. These are few bearish factors.
The weekly resistance is seen at 1.1220. In case of a daily close above 1.1220, bulls will aim at 1.1350 and 1.1380 initially. The pair managed to change its direction in the H1 chart from heading towards lower lows and lower highs to higher low and higher high. The swing low was reached at 1.0992 rounded to 1.0990, which is the nearest support found at 1.0970. We forecasted on Friday: «Until bulls hold 1.0990, the pair is likely to retest 1.1120, 1.1135, and 1.1170 during the day. Later, it can extend towards 1.1280.» The pair hit a high of 1.1215 at the same day.
Intraday support is found at 1.1080 and 1.1050. The pair is trading at 1.1120 compared to 1.1150, which is Friday's close price. The pair opened with another gap down of 150 pips. The immediate resistance is seen at 1.1150 and 1.1180. Intraday buying is available 1.1150 with a target at 1.1180; real strength is available above 1.1220 towards 1.1270 and 1.1320 during a day or two. Selling is available below 1.1050 with targets at t 1.1020 and 1.1000. The selling pressure accelerates below 1.0990 towards 1.0970, 1.0950, and 1.0900.
The material has been provided by InstaForex Company – www.instaforex.com