EUR/USD: general analysis on 16.07.2015

16 July, 2015

Current trend

The euro keeps falling against the US dollar. Yesterday the European currency lost more than 50 points and currently the pair is trading at 1.0925.

Though the agreement between the Greek government and its creditors was reached, the euro is still strongly affected by the “Greek issue”. Yesterday, the Greek Parliament agreed to the measures demanded under the agreement: 228 MPs voted for the deal, while 64 voted against. It is worth noting that 32 members of the ruling party voted “No”. Discontent is growing among the Greeks. During all day in Athens people were protesting against the austerity measures. A number of clashes with the police were registered.

Industrial Production stats (+ 0.1%) and growing US key indexes also affected the European currency.

Important releases for today: the eurozone’s Unadjusted Trade Balance (12:00 p.m. GMT +3), Consumer Price Index (12:00 p.m. GMT +3), ECB Interest Rate Decision (2:45 p.m. GMT +3). The figures are expected to decline which may affect the euro.

Support and resistance

On the daily chart the MA lines with 20, 50 and 100 periods are above the current price and heading down. MACD histogram is in the negative zone, its volumes are increasing which signals the negative trend.

Support levels: 1.0915, 1.0818, 1.0518.

Resistance levels: 1.1001, 1.1114, 1.1278, 1.1467.

Trading tips

Open short positions from 1.0915 with the target at 1.0850 and stop loss at 1.0950.

After the breakthrough of 1.1000 open alternative buy positions with take-profit at 1.1070 and stop-loss at 1.0970.

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