Euro seems to be unstoppable

Dear Traders,

The euro extended its gains for the second consecutive day and climbed above 1.1215 yesterday. During the Asian session the demand for euros seemed to be “unstoppable” and the common currency advanced significantly towards 1.13. Once the currency pair breaks above 1.13, it may head towards 1.14 and further 1.1450-67, which acts as a current key resistance. However, pullbacks within an intact upward trend could occur until 1.1215 and 1.1190.

In the meantime, the market’s reaction to Greek headlines concerning the resignation of Greek Prime Minister Alexis Tsipras was muted. Tsipras called snap elections which could be held as soon as September 20. Since he has lost his majority in the Greek parliament , the election for the new Greek Parliament could strengthen his power and form a more manageable coalition government.

The pound sterling failed to set off in any specific direction and traded shy off the 1.57-border. The level around 1.5715 remains an important resistance zone for the time being whereas an upside break could release fresh bullish momentum towards 1.5770 and 1.58. 

Today, traders should keep an eye on the German and Eurozone PMI reports scheduled for release at 7:30 and 8:00 GMT. Furthermore, U.K.Public Finances (8:30 GMT) and U.S. Markit Manufacturing PMI (13:45 GMT) could be interesting reports to watch.

We wish you good trades and a beautiful weekend!

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