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2 Jun 2015
EUR/USD higher on a possible Greece deal – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that the ongoing speculation regarding a possible Greece deal this week and a robust Eurozone CPI have boosted EUR/USD, and a break above 1.1050 might lead to an advance towards 1.1120.
Key Quotes
“The EUR/USD break through the 1.1000 level and rallied up to a fresh high of 1.1055 on the back of market talks suggesting Greece and its creditors will reach a deal before the week is over.”
“Tensions surrounding the troubled country arose this week, with negotiations intensifying this week. Early this Tuesday, PM Tsipras spoke on national TV, saying that the country is willing to make compromises, but also that his government is determined to maintain its anti-austerity measures, throwing the ball back to its lenders as he said he expects them to be "realistic”."
“In the meantime, there was a meeting late Monday in Berlin of the three troika members that are said to have completed an agreement that they will present to Alexis Tsipras sometime today.”
“The EUR/USD trades in overbought levels according to intraday charts and following the latest advance, although further gains can be expected if the pair holds above the 1.1000 mark.”
“In the 4 hours chart, the technical picture is also positive, as the price extended above a mild positive 20 SMA, whilst the technical indicators have lost their upward strength, but remain in positive territory. Renewed buying interest beyond 1.1050, should lead to an advance up to 1.1120, a strong static resistance level, furthermore on more positive news.”
“Support levels: 1.1000 1.0950 1.0910”
“Resistance levels: 1.1050 1.1085 1.1120”
Key Quotes
“The EUR/USD break through the 1.1000 level and rallied up to a fresh high of 1.1055 on the back of market talks suggesting Greece and its creditors will reach a deal before the week is over.”
“Tensions surrounding the troubled country arose this week, with negotiations intensifying this week. Early this Tuesday, PM Tsipras spoke on national TV, saying that the country is willing to make compromises, but also that his government is determined to maintain its anti-austerity measures, throwing the ball back to its lenders as he said he expects them to be "realistic”."
“In the meantime, there was a meeting late Monday in Berlin of the three troika members that are said to have completed an agreement that they will present to Alexis Tsipras sometime today.”
“The EUR/USD trades in overbought levels according to intraday charts and following the latest advance, although further gains can be expected if the pair holds above the 1.1000 mark.”
“In the 4 hours chart, the technical picture is also positive, as the price extended above a mild positive 20 SMA, whilst the technical indicators have lost their upward strength, but remain in positive territory. Renewed buying interest beyond 1.1050, should lead to an advance up to 1.1120, a strong static resistance level, furthermore on more positive news.”
“Support levels: 1.1000 1.0950 1.0910”
“Resistance levels: 1.1050 1.1085 1.1120”