Quiet Friday? Focus on Sunday

Dear Traders,

There is not much news on the market. Economic developments in Greece and China pose a risk for the financial markets but at the moment, the tone is nevertheless optimistic.

Both of our major pairs ended the day more or less unchanged against the U.S. dollar. While the euro took a short dip below 1.10, it recovered its losses until the end of the day and remained comfortable near 1.11.

The pound sterling remained range-bound and traded between 1.5410 and 1.5345.

What’s important for today?

Not much. The only piece of economic data comes from the U.K. with Trade Balance reports due for release at 8:30 GMT.

The focus will be on the summit of European Union leaders Sunday. EU leaders will determine whether Greece gets a new bailout, or be forced to leave the single currency. With that in mind we may see the EUR/USD opening with a gap again on Monday morning. This time, if the decision is ‘yes’ for Greece, the euro might rally in relief.

EUR/USD

Technically, the sentiment looks more bullish. If the euro is able to trade significantly above 1.1130, it may head for another test of 1.12 and further 1.13. However, below 1.0980 the euro could be vulnerable for further losses.

Chart_EUR_USD_4Hours_snapshot10.7.15

We wish everyone a beautiful weekend and a nice Friday.

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