Greece came to limelight once again supported the euro re-fresh high against the greenback and on a verge of breakouts against crosses.
Greek Prime Minister Qipulasi August 20 night meeting with President Prokopis Pavlopoulos, submitted his own resignation of the government and the cabinet is required to hold elections as soon as possible.
Greek main opposition New Democracy party leader Evangelos: ready for elections. My responsibility is to thoroughly explore the possibility of the Greek Parliament incumbent. Seek with other party leaders held talks in Greece.
Ahead of the PMI data the euro trading re-fresh high of 1.1245 against the greenback with extreme overbought indicators and negative divergence in the h1 chart.
Technical view: The follow up buying posted another strong close, managed to take off 100Dema. Technically speaking if the price closes above 100Dema or 100Dsma use dips to buy favors’ the trend.
At yesterday’s session, we forecast 1.1200 initially, later likely to extend towards 1.1300 and 1.1350.
The 20Wsma finds at 1.1060, 50Dsma finds at 1.1070, 100Dsma finds at 1.1050 and 2Dsma at 1.1000. We have been advising for consecutive 3 days, don’t sell below 1.1000, the pair made a low at 1.1017 (hourly base double bottom) changed the direction.
The pair extends the trading range between 1.1340 and 1.1080 from 1.1220 and 1.1000 levels. The weekly parallel resistance seems at 1.1280 above this, 1.1340 seems 200Dsma.
The pair has been consolidating with lower high and higher low for 4 months. The height of the zone is 600 pips. Fundamentally speaking the pair Eur/USD is in a large bearish trend. The divergence between the two central banks indicates bearish waves.
Intraday: Resistance seems at 1.1250, 1.1280 and 1.1340. Support finds at 1.1200, 1.1180 and 1.1130. We recommend fresh buying above 1.1250 aims at 1.1280 and 1.1300 extreme case 1.1330.