The ECB agreed to raise its funding to 68.3 billion euros for a two-week extension of Greece's bailout program, a slight increase from the previous 65 billion euros. To avoid running out of money, Greece will submit an application this week. Eurogroup President Dijsselbloem said that until Friday Greece had to request an extension, otherwise the bailout would expire at the end of the month. If Greece exits from the eurozone, the single currency will be abandoned in the Balkan country. The euro fell against the US dollar. The FOMC minutes indicate that the US Federal Reserve is willing to keep interest rates for longer.
Technical view. The pair has weekly resistance at 1.1535. The trading pattern is framed between 1.1535 and 1.11. At yesterday's session, we recommended selling with sl at 1.1455, the pair made a low at 1.1334. At the end of the day, the pair managed to erase its intraday losses. The pair has intraweek support at 1.1320. Below 1.1320, the strong support base is set between 1.1270 and 1.1260. The panic will be triggered below 1.1260. The trading pattern is framed between 1.1535 and 1.1320 levels. The pair managed to close above 20Dsma for three days in a row. Today or tomorrow, we are expecting a trend change. On the h4 chart, we can observe higher lows. We recommend fresh selling below 1.1380 with the targets at 1.1340, 1.1320, and 1.1280.
It was a busy day for the pound amid publication of important economic data. The BoE monetary policy statement and the FOMC meeting minutes were the major events. The cable continued its upswing move and made a new high of the week. The pair has the nearest resistance at 1.5486, the cable made a high at 1.5480. Bulls can challenge 1.5565, if the prices breach above 1.5490. We have been recommending buying at 1.5050 with the targets at 1.5540 and 1.5600. The pair is expanding its higher highs and higher lows. In case, a h4 candle closes above 1.5440, again bulls can challenge towards the new weekly high. The cable has intraweek support between 1.5360 and 1.5300. Intraday support is placed between 1.5415 and 1.5385.
The pound sterling favors buying.
Uitgevoerd door, Analytische expert
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