Finally, Greece has requested a six-month extension to its bailout agreement with the European Commission. But Germany rejected Greece's effort. If Greece exits from the eurozone, the single European currency will fall in value. The ECB is going to start the QE, so 60 billion euro asset purchases will be launched next month. Ahead of the Eurogroup meeting today in Brussels, we expect high volatility of the pair. Germany's tough stance on Greece pushed the euro lower against the USD. The pair went down 0.3% at the previous session. Today, it's a big day for Europe and the forex community. The pair is under pressure ahead of the Eurogroup meeting and major economic data. The pair managed to close above 20Dsma at the previous session. The pair has strong resistance between 1.1450 and 1.1535. We recommend selling below 1.1350 with the targets at 1.1320, 1.1280, and 1.1260. The panic will be triggered below 1.1260 for new lows. If the agreement is postponed again, the pair will try to breach 1.1450 initially and 1.1535 later.
Key economic events:
Euro group meeting, French & German flash manufacturing & services PMI, and flash services & manufacturing PMI data are due.
Risky traders can sell below 1.1350.
Safe selling is below 1.1320.
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Uitgevoerd door, Analytische expert
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