EUR/USD: general analysis on 08.07.2015

July 8, 2015

Current trend

During the trading session on Tuesday, the euro fell against the U.S. dollar. The price was declining towards 1.0915 amid tensions over the "Greek" issue. The pair is currently trading near 1.0980.

Yesterday, after the special summit of European leaders, the European Commission has started to develop a possible Greek withdrawal scenario. According to the European commission president Jean-Claude Juncker, it is possible to avoid this outcome if only Greece does what needs to be done. At the close of Summit, the Greek leaders have been tasked to present a program of reforms by July 9, which will be further discussed by the Eurogroup. Eurozone financial stability and a way to reach a compromise, that would meet the requirements both of creditors and E.U. standards, are to be considered as well. The final decision on Greece will be made at the Euro Summit, held on July 12 in Brussels.

Important economic releases for today are Eurogroup Meetings (12:00 p.m. GMT +3), publication of the FOMC meeting minutes (21:00 GMT +3).

Support and resistance

On the four-hour chart MA lines with periods of 20 and 50 are above the current price and are heading down, which indicates a negative trend.

Support level is 1.0927 – last week’s minimum. The nearest resistance level is 1.1036 - EMA(20) line.

Support levels: 1.0927.

Resistance levels: 1.1036, 1.1093.

Trading tips

Open short positions with entry point at 1.0980-1.0970, target at 1.0920 and stop-loss at 1.1000.

As an alternative scenario, buy the pair when the price consolidates above the level 1.1036 with take-profit at 1.1090 and stop loss at 1.1000.

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