Buy on a level breakthrough of 1.1280 with 1.1390 target. Stop loss = 1.1230.
Reason for the trading strategy
If in the near future, the ECB increases funding for Greek banks in the framework of the Emergency liquidity assistance program (ELA), demand for the euro will rise. The euro is currently close to the 1.1280 level after the publication of generally favorable economic statistics for Germany and France. GDP in France increased by 0.6% (q/q) in Q1 2015, with a forecast of 0.4% (q/q). A similar figure in Germany was below expectations, reaching +0.3% (q/q). However, in April, inflation in Germany was higher than the expected figure of +0.5% (y/y). At 9.00 GMT, it is worth paying attention to the data on the eurozone's industrial production and GDP.