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EUR/USD: coiling into narrow space between support and resistance

   
The pair remains in consolidation mode as investors await a conclusion to the Greek crisis. The FOMC on Wednesday is another major event worth noting this week.

There is a marginal upside bias on the lower time-frames, with a very short-term up-trend still intact from the May 27 lows.

The pair has just pulled back a little bit (visible on the 4-hr chart) forming a rough a-b-c pattern, and finding support at a trend-line, from which it has bounced over the last 24 hours.

The exchange rate is coiling in the ever-decreasing gap between the trend-line and the monthly pivot – and it will probably breakout in one direction or another fairly soon.

An upside breakout would gain confirmation from moving above the 1.1385 highs, with a target at 1.1466 highs.

Alternatively a break below the lows of the C wave of the a-b-c at 1.1150, would indicate a reversal of peak and trough progression down, generating a target at 1.1087.

EURUSD15final

   
The pair remains in consolidation mode as investors await a conclusion to the Greek crisis. The FOMC on Wednesday is another major event worth noting this week.

There is a marginal upside bias on the lower time-frames, with a very short-term up-trend still intact from the May 27 lows.

The pair has just pulled back a little bit (visible on the 4-hr chart) forming a rough a-b-c pattern, and finding support at a trend-line, from which it has bounced over the last 24 hours.

The exchange rate is coiling in the ever-decreasing gap between the trend-line and the monthly pivot – and it will probably breakout in one direction or another fairly soon.

An upside breakout would gain confirmation from moving above the 1.1385 highs, with a target at 1.1466 highs.

Alternatively a break below the lows of the C wave of the a-b-c at 1.1150, would indicate a reversal of peak and trough progression down, generating a target at 1.1087.

EURUSD15final



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