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EUR/USD lacks direction

Dear Traders,

Our problem child EUR/USD has been very costly to traders since it lacks direction on Greek risk. The euro’s intraday moves seemed indifferent to the Greek debt talks and provided almost no profitable chances for daytraders. The euro is rather moving sideways, lagging behind profitable trading days. We still need to be patient and wait for greater moves once Grexit finally gets pushed off the table.

Greek saga holds the euro in chains

Yesterday was just another day of negotiations which ended without a deal with no breakthrough in sight. Wednesday’s meeting of euro-zone finance ministers in Brussels broke up in the early morning. Ministers will resume at 1 p.m. local time today. Everyone is hoping now that the current Greek saga comes to a conclusion.

 

 

The British Pound declined against the U.S. dollar, marking a next support at around 1.5665. With no major U.K. economic news releases this week, the price action will mainly hinge on the appetite for U.S. dollars.

U.S. Economic data (second tier reports) and Grexit event risk in focus:

11:00 EUR Eurogroup Finance Minsters Meeting

12:30 USA Continuing & Initial Jobless Claims

13:45 USA Services PMI

(timezone GMT)

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Solution for Greece today?

Dear Traders,

The U.S. dollar recovered on an overall positive dollar sentiment. Hawkish comments from FOMC member Powell saying that a first rate hike could come as soon as September, with a second move to follow in December, led further support to the greenback. The market is now shifting again its focus more towards the Fed and a liftoff in September, preferring to be long U.S. dollars rather than euros.

The euro remained weak even as optimism grows that Greece will avert default. Despite the the fact that a deal appeared within reach, a main reason for the decline in the euro is, that the currency became attractive as a funding currency. Eurozone finance ministers will meet again today to try to reach a final agreement to unlock aid.

The pound sterling slid below 1.58 and found a current support slightly above the 1.57-level. The up-trend is still intact. A break above 1.5835 could revive sterling’s strength whereas a significant break below 1.57 could drive the pair towards 1.5630.

The German Ifo Business Climate which is due for release today at 8:00 GMT and later the final Q1 U.S. GDP reading scheduled for release at 12:30 GMT, could be important reports to watch.

Euro-area finance minister’s talks will start today at 7 p.m. in Brussels.

Daily Forex signals:

 

View our daily signal alerts http://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service http://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2015 Maimar-FX.

www.maimar.co