EUR/USD consolidates in the 1.1300/1.1400 range. Next resistance lies at 1.1430 and 1.1465. Strong sell orders are clustered around 1.1500 – for now the markets lacks energy to break higher. Support is seen at 1.1250. Monday’s Eurogroup meeting didn’t bring any progress. Next “Greek” date on the schedule – June 25 Eurogroup meeting. On Tuesday watch the euro zone’s PMI’s – forecasts are mostly upbeat.
GBP/USD retraces lower following a 2-week rally. The pair faced resistance at 1.5900. Break below 1.5800 would open the way to 1.5550 – this where the next support is seen. There are no news on the UK agenda on Tuesday, so all eyes on the US releases tomorrow: core durable goods orders and Manufacturing PMI.
AUD/USD failed to break above 0.7800 and gave up some ground on Monday. Decline below 0.7660 would pave the ground for a sharper decline. Watch the Chinese HSBC Manufacturing PMI on Tuesday – the index is expected to stay below 50.
USD/JPY bounced from 122.40 support. Strong buying power is clustered on these levels. We expect the price to fluctuate towards 124.00.
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