EUR/USD: general analysis on 02.07.2015

2 July, 2015

Current trend

Yesterday, during the trading session, the European currency continued to fall, losing 94 points, and reached the level 1.1054 by the end of the day. Greek debt crisis still deeply affects the euro even though Alexis Tsipras, Prime Minister of Greece, is now ready to accept some of bailout conditions proposed by the country's creditors. The market awaits the upcoming weekend vote by Greeks on their country's fate.

The US dollar is strengthening against the major currencies after ADP Employment Report. The figures were significantly higher than expected. The number of employees increased by 237 000.

Close attention is to be paid to the publication of the US microeconomic statistics for June. In particular, Unemployment Rate and Nonfarm Payrolls are released. Unemployment Rate is expected to decline to 5.4%. The number of new jobs should be 230 000, which is 17.9% off from the previous level.

ECB Monetary Policy Meeting Accounts, published today, could shed light on recent decisions made by the European Central Bank.

Support and resistance

The price has not reached the lower line of the Bollinger Bands indicator, therefore, in the short term, it continues to fall.

MACD indicator also confirms the downtrend. The histogram is in the negative zone, below its signal line.

The nearest support level is 1.0954 (local minimum).

The nearest resistance levels are 1.1277 (this week’s maximum), 1.1400 (psychologically important level).

Trading tips

Open short positions when the level 1.0950 is broken through with the target at 1.0890 and stop-loss at 1.0980.

Consider long positions when the level 1.1277 is broken through with the target at 1.1340 and stop-loss at 1.1250.


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