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    Technical analysis of EUR/USD for August 03, 2015

    The Greek factor is back to the market again resulting in a spike at Friday's session. The pair moved towards 1.1114, but rejected at higher levels again and closed below 20Dsma. Friday's trading pattern showed that weakness still takes place. During three consecutive weeks, the pair has been closing below 20Wsma at 1.1050.

    again onsecutive


    IMF official: the IMF and Greece has not reached an agreement on a new debt plan yet. Greece and Europe are ready to make the relevant decisions. The IMF officials can only support a comprehensive rescue package for Greece.


    Compensation costs for civilian workers was little changed at 0.2 percent, seasonally adjusted, for the 3-month period ending June 2015, as the US Bureau of Labor Statistics reported Friday.

    Traders eye PMI data today, especially the one from Spain, but trade remains under the influence og the US ISM manufacturing data.

    Technical view:

    In the four-hour chart, the pair has been trading in an ascending bearish channel, rejected at the upper end of the trendline willing to go further down. In alternative way, a daily close above 1.1130 will be added to the system.

    Until the pair trades below 1.1080, sell on rises. The supply zone remains between 1.1085 and 1.1100 50Dsma. Until the price closes below 1.1100, selling on a rise will favor the positional trade. We have been recommending the same strategy for a while, the Friday's session proves the strategy remains in play for the near term. Monthly support is found at 1.0730.

    Intraday resistance is seen at 1.1000, 1.1040, and 1.1085. Support is found at 1.0960, 1.0920, and 1.0890. In case the pair lost 1.0850, selling will accelerate.

    Intraday selling is available below 1.0950 with targets at 1.0920 and 1.0900, selling accelerates below 1.0890. Buying is available above 1.1010 with targets at 1.1030, 1.1050, and 1.1080 wraps with risk.


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