EUR/USD: general analysis on 30.06.2015

30 June, 2015

Current trend

Today Athens has met the deadline for repaying its bailout loan from the IMF but, apparently, Greece fails to pay back - the treasury is empty. The payment period may be extended for another four weeks but the IMF's managing director Christine Lagarde takes a tough stance.

On 29 June, the Wall Street Journal said on its official Twitter, citing Greek government information sources, that today, 30 June, the default is to be announced. The referendum, scheduled for 5 July, on whether Greece should accept the demands of the country's creditors will not be cancelled but PM Tsipras hinted that the government would resign if the Greek people voted to accept the proposals. At the same time, the President of the European Commission Jean-Claude Juncker called the Greek people to support austerity measures, stressing that Greece is an integral part of Europe as a whole, the EU should be the zone of common interests and if the people said “yes”, it would be a strong signal to the whole Europe.

Key news for today: Eurozone Consumer Price Index for June at 12.00 (GMT +3), Eurozone Unemployment rate at 12.00 (GMT +3), US Consumer Confidence Index at 17.00 (GMT +3).

Support and resistance

After the trading day opened with a gap of 160 points down, the pair returned to the level of the end of last week and now is trading at the price 1.1190.

Support levels: 1.1005, 1.1154.

Resistance levels: 1.1233, 1.1303, 1.1395.

Trading tips

Open short positions with entry point 1.1154, target 1.1060-1.1050 and stop-loss 1.1233.

As an alternative scenario, consider long positions when the price consolidates above the level 1.1233 with take-profit 1.1300 and stop loss 1.1200.

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