The Greek actions weighing the Euro heavily. The pair erased most of its gains in the previous week. A lot of pressure is coming from Greece to make a deal with its international creditors. The Euro outlook is still determined by Greece. The Greek Prime Minister in his Sunday speech laid out plans of an international bailout. Greek banks were pushed to ELA facility. In case if Greece exits from the eurozone, the currency will dismantle, leading to the collapse. On the other hand, we can observe divergent policies between the FED and ECB. These factors can prove the fundamental weakness in the Euro.
Technically, the pair was rejected at 2Dsma for 4-days. At the early Asian session, the pair held the previous week's low and was trading at 1.1315 levels. On the hourly chart, the prices are trading and closed below the moving averages. The prices are making lower lows and lower highs on the h4 chart. The weekly resistance exists between 1.1450 and 1.1546. Until the pair closes above 20Dsma, in every rise bears try to drag the pair to make new lows. Until the pair closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560. As of now, the monthly resistance exists at 1.2000 or 50Dsma and support exists at 1.0762. The short-term trend will chance only if the price closes above it. The pair has intraday minor support at 1.1290 and 1.1260. We recommend risky selling below 1.1290 and safe selling below 1.1260 with the targets at 1.1225 and 1.1190. Until the pair trades and close below 1.1420, use every rise to sell. Here is the recommendation for this week. In case if the pair breaks and closes below 1.1098, bears can challenge another 300 odd pips on the down side.
Resistance: 1.1325; 1.1390; and 1.1420.
Support: 1.1290; 1.1220; and 1.1098.
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