The single European currency is currently trading at about 1.1275, and the news that Greece and creditors have reached agreement about the aid program has not supported the EUR/USD. The conditions of the agreement are yet unknown, but European leaders said many times that they regarded an effective crisis exit plan as a mandatory condition for providing the next tranche. Greece's future in the EU was at stake at yesterday's meeting. Merkel herself asserted that she would make every effort to maintain the integrity of the EU. Reportedly, Greek authorities would increase taxes and cut down on social benefits in order to eliminate the budget deficit, which might cause social unrest.
Today, we are waiting for business activity statistics for France, Germany and eurozone. Forecasts are contradictory, and a surge in market volatility is expected.
Support and resistance
The nearest resistance level is 1.1292 (1/8 Murray). A level of 0/8 Murray (1.1230) serves as support.
Go short after a level of 1.1230 is broken and place protective orders near a level of 1.1250 with a target at 1.1169Publication source