The Euro is rising against the US dollar; this week the Euro reached the level of 1.1291. Its rise is supported by the news that Greece has presented its lenders the second plan of resolving their economic problems. If the EU approves the reform package, Athens will receive financial aid to pay off its debts. It is planned that the required funds can be diverted from the European Stability Mechanism ESM to purchase Greek bonds totaling 6.7 billion euro. Earlier, Greece has already paid off 10.9 billion euro worth of its debt, which was allocated to secure the country’s banking sector. This time Athens wants to get back 1.2 billion euro.
Today, French industrial production index figure is published. If the index amounts to 0.4%, expect a strengthening of the Euro, while the pair EUR/USD can reach the level of 1.1353.
Support and resistance
The nearest resistance level is 1.1353 (5/8 Murray). Support level is 1.1230 (4/8 Murray).
It is advisable to open long positions after the breakthrough of 1.1353, with protective orders at 1.1330 and the target of 1.1390.Publication source