FOMC meeting the euro extended losses against the
greenback yesterday, closing at the lowest level in last 2 sessions.
officials: The IMF and Greece did not reach an agreement on a new debt plan. Greece
and Europe are ready to make the relevant decisions, but they need time. The IMF
officials can only support a comprehensive rescue package for Greece. IMF Board
of Directors authorized to discuss arrangements for
the new Greek aid plan on Wednesday.
The US GDP
value, adjusted for price changes increased at an annual
rate of 2.3 % in the second quarter of
2015, according to the “advance” estimate released by the Bureau of
Economic Analysis. In the first quarter, the
real GDP increased 0.6 percent (revised).
In the week
ending July 25, the advance figure for seasonally adjusted initial claims was
267,000, an increase of 12,000 from the previous week.
Today, traders eye German retail sales, eurozone’s CPI flash estimates y/y, and
view: The euro bulls lost momentum, rejected at 50Dsma for three times earlier and closed below the 20Dsma at
yesterday’s session rejected at 20Dsma.
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.
pair trades below 1.1085 sell on rise favors the intraday trade. The supply
zone remains between 1.1085 and 1.1100 50Dsma. Until the price closes below
1.1100 sell on rise favors the positional trade. Monthly support is found at
resistance is seen at 1.0950, 1.0980 and 1.1000. Support is found at 1.0869,1.0840,
and 1.0800. In cas the pair lose 1.0850, selling will accelerate. The
Federal Reserve and the ECB monetary policy differentiation favours longer term
selling is available below 1.0890 with targets at 1.0860, selling accelerates below 1.0850.
The material has been provided by InstaForex Company – www.instaforex.com