The pair managed to trade higher initially. After the US data the pair closed with losses.
Standard & Poor’s upgraded Greece’s sovereign rating from CCC- to CCC +.
The Greek government is likely to get enough votes in Parliament. As of now, the Greek Parliament voted with final result: 230 in favor, 63 against, and 5 abstentions.
Existing-home sales increased in June hitting their highest level in eight years. Sales in all major regions gained in June.
The pair closed below 20Wsma. The pair made a large distribution between 1.1467 and 1.1437. In the daily chart, the pair lost all moving averages. The nearest support is found at 1.0785. The 20Wsma is seen at 1.1020. The double top is formed at 1.0970. In different time intervals, hourly and daily charts, the oscillators indicating oversold market.
The pair has been reaching lower lows and lower tops falling below the lower end of the ascending trendline. Twice we recommend fresh selling only below 1.0780 initially with a target at 1.0720 and 1.0630 later, but it is not triggered yet.
The pair hit a higher high in the H1 chart for the first time in 10 days, but ended with a double top. Intraday resistance is seen at 1.0940, 1.10970, and 1.1020. Support is found at 1.0920, 1.0890, and 1.0860. Monthly support is found at 1.0730. In case the pair loses 1.0850, selling towards 1.0820 and 1.0800 will be available.
Intraday selling is available below 1.0850 and buying is seen above 1.0970 with small targets at 1.1000 and 1.1020.
Today’s trade remains will depend on US unemployment claims and Spanish unemployment rate.
The material has been provided by InstaForex Company – www.instaforex.com