10 Jul 2015
EUR/USD might see further gains above 1.1215 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, sees additional gains possible for EUR/USD if the pair breaks above the daily high at 1.1215.
Key Quotes
“The EUR/USD soared to a fresh weekly high of 1.1215, as the market is confident Greece will remain within the EU, after Athens submitted a proposal late Thursday, pledging to implement reforms. The EU has announced it will start discussing about it during the upcoming hours, and will probably continue on Saturday. If the proposal gets approved, the EU will likely suspend the meeting scheduled for Sunday.”
“Financial markets are all sharply higher as seems the crisis has been averted, but there's still a long way to go, as several European Parliaments should approve the deal, which means we will keep talking about Greece for at least a couple more weeks.”
“Technically, the 1 hour chart shows that the technical indicators hover in extreme overbought territory, with the RSI still heading higher despite being at 73, whilst the price stands firm around 1.1200.”
“In the 4 hours chart, indicators are losing their upward strength but remain well above their mid-lines, whilst the 20 SMA heads higher below the current price, supporting additional gains on a break above the mentioned daily high.”
“Support levels: 1.1160 1.1120 1.1080”
“Resistance levels: 1.1215 1.1240 1.1285”
Key Quotes
“The EUR/USD soared to a fresh weekly high of 1.1215, as the market is confident Greece will remain within the EU, after Athens submitted a proposal late Thursday, pledging to implement reforms. The EU has announced it will start discussing about it during the upcoming hours, and will probably continue on Saturday. If the proposal gets approved, the EU will likely suspend the meeting scheduled for Sunday.”
“Financial markets are all sharply higher as seems the crisis has been averted, but there's still a long way to go, as several European Parliaments should approve the deal, which means we will keep talking about Greece for at least a couple more weeks.”
“Technically, the 1 hour chart shows that the technical indicators hover in extreme overbought territory, with the RSI still heading higher despite being at 73, whilst the price stands firm around 1.1200.”
“In the 4 hours chart, indicators are losing their upward strength but remain well above their mid-lines, whilst the 20 SMA heads higher below the current price, supporting additional gains on a break above the mentioned daily high.”
“Support levels: 1.1160 1.1120 1.1080”
“Resistance levels: 1.1215 1.1240 1.1285”