Today, Greece has to submit
a list of reforms to the Euro group. They missed the Monday’s deadline.
The reforms include improving tax collection and curbing tax evasion, control
smuggling of tobacco, and corruption. Yesterday, BOJ monetary policy
meeting minutes were released. The members agreed the Japanese economy is
steadily recovering on exports. Exports had shown signs of picking up. At the
early Asian session, the euro is trading higher against the Yen. The
cross has immediate support at 134.40. On the h4 chart, the prices are making
lower lows and lower highs formation. The weekly resistance is found between
136.60 and 136.90. The cross made a double top at 136.68. On the down side, the
prices formed a base support between 132.38 and 132.28. The intraday resistance is set at 135.20. We
recommend fresh selling below 134.40 levels. At yesterday’s session, we
recommended selling below 135.25 with the targets at 135.00, 134.75, and
134.40. The cross made a low at 134.44. Sellers commanded at yesterday’s
session. Besides, you are recommended fresh buying above 135.20 with the targets
at 135.90, 136.20, and 136.60.
The Cable has been extending its rally against the Yen for four weeks in a
row. The pair is facing strong resistance at 184.20. If the prices close above
184.20, bulls can challenge 187.00. The prices are
facing strong resistance at the 23.6 fib level and the bullish top end channel.
The prices formed a support base in 181.50. The weekly support is seen at
181.90 and 181.00. The pound favors buying on dips against the cross
currencies. The intraday support is found at 183.30. At
yesterday’s session, we recommended buying with sl 182.80 with the targets at
183.50, 184.00, and 184.15. The cross made a high at 184.00. Until the cross
closes above 181.50, the long trade remains in play. For an intraday view, we recommend fresh buying above
184.20 with the targets at 184.40, 185.00, 185.40, 185.80, and even 186.80.
The material has been provided by InstaForex Company – www.instaforex.com