The eurozone approves Greece’s proposal. Greece submitted a list of
reforms including budget
management, tax system revision, fight against corruption, pension
system revision, and improvement of Greece’s public sector. Finally,
Greece managed to make a sound deal. The deal gives way to the four-month
At the early Asian session, the euro is trading lower 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 cross breaks and closes below
the one-month trend line. 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 135.00 and 135.20. The intraday support is found at 134.44. We recommend
fresh selling below 134.40. Besides, you are recommended fresh safe
buying above 135.20 and risk buying above 135.00 with the targets at 135.90,
136.20, and 136.60.
The cross came out of the 8-day trading pattern, but at the end of the
day it closed below the level of 184.20. 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 on a closing basis. If the prices close above 184.20, bulls can
challenge 187.00. At yesterday’s session, the pair made a high 186.80, but
was unable to hold the gains. The prices formed a support base at 181.50. The
weekly support is seen at 181.90 and 181.00. The pound favors buying on dips
against the cross currencies. Ahead of BoE Governor Carney speech, the pound is
trading lower against the yen. The intraday support is found at 183.50 and
183.40. Until the cross closes above 181.50, the long trade remains in
play. For an intraday view, we recommend fresh buying above 184.00 with the
targets at 184.40, 185.00, 185.40, 185.80, and even 186.80. Besides, you are
recommended to sell below 183.30 with the targets at 183.00 and 182.60.
Buying above 184.00.
The material has been provided by InstaForex Company – www.instaforex.com