The USD against EUR & GBP
At yesterday's meeting, Greece and the Eurogroup reached no accord.
Jeroen Dijsselbloem stated, "We discussed the possibility of an extension for Greece. For some people, it was the preferred option, but we havent come to that conclusion yet. We might make the final progress we need at the Eurogroup meeting next Monday." On the negative side, in case if Greece is pushed out of eurozone, the currency will be withdrawn which will lead to collapse. On the other hand, we can observe divergent policies between the US Federal Reserve and the ECB. These factors can prove fundamental weakness in the Euro.
It was a muted trade with marginal positive gains at yesterday's session. The prices are making lower lows and lower highs on the h4 chart. The prices have been consolidating in a narrow range. The weekly resistance is set between 1.1450 and 1.1546. Until the pair closes above 20Dsma, bears try to drag the pair to make new low sat every rise. Until the price closes above this, the weekly trading pattern is framed between 1.1098 and 1.1560. The prices are taking multiple support between 1.1280 and 1.1260. The resistance exists at 1.1360. Until the pair trades and closes below 1.1535, use every rise to sell with the targets at 1.0950. From an intraday view, we recommend buying above 1.1360 with the targets at 1.11390 and 1.1420. We can expect strong momentum only above 1.1535. As of now, the monthly resistance exists at 1.2000 and 50Dsma. Support exists at 1.0762.
Today, traders are focused on BoE Governor's speech and inflation report. As for the US, the core retail sales and unemployment claims are due. At yesterday's session, the cable closed with a negative tone. Today, the pair is trading on a bearish note at the Asian session. The prices are closed and trading below hourly moving averages. The intraday resistance exists at 1.5270 and 1.5300. Support is set at 1.5220 and 1.5195. The weekly resistance exists at 1.5375 and 50Dsma. On the monthly chart, the previous supports exist between 1.4830 and 1.4800. If the pair closes above 50sma, the short-term trend turns to positive. Then, bulls can challenge 1.5480, 1.5585 20Wsma, and 1.5620. On the daily chart, the prices made an upside breakout. The pair is facing resistance in the falling bearish channel. An upside breakout leads to a huge buying towards 1.5570, 1.5620, and 1.5786. We recommend intraday selling below 1.5190 with the targets at 1.5140, 1.5100, and 1.4990. We recommend intraday buying above 1.5270 with the targets at 1.5300, 1.5320, 1.5350, and 1.5375. If the prices correct below 1.5197, panic will emerge towards 1.5140, 1.5100, and 1.5000.
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