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Crucial Week

Dear Traders,

We welcome you to a new trading week which promises to be a week of fireworks. After the breakdown of Greek aid talks, markets will now have to deal with the possible effects for the eurozone. Currently it seems as if the optimists on a Greek debt deal were wrong after the weekend developments marked an abrupt turn from last week’s hopes. Greek Prime Minister Alexis Tsipras shocked his counterparts with his call for a July 5 referendum on the austerity demanded by creditors, just a few days before the current bailout expires on Tuesday.

Greece declared a bank holiday until at least the national referendum and imposed capital controls to avert a financial collapse. Dark clouds may be looming on the financial sky, so traders should be prepared for strong market fluctuations this week.

The market will first focus on Greece and its IMF payment which is due on Tuesday. The rest of the week will focus on economic data, such as Eurozone Consumer Prices (Tuesday), ISM Manufacturing (Wednesday) and U.S. Non-Farm Payrolls due for release on Thursday. U.S. markets will remain closed on Friday for the Independence Day holiday.

EUR/USD

Based on the recent upward channel, the euro has still failed to break significantly to the downside. As long as the currency pair trades comfortable above 1.09, we do not see a technical stimuli for an aggressive sell-off. Once it breaks significantly below 1.09 we see greater chances for a drop towards 1.0810 and further 1.0720. A next key support zone could be at 1.0720-1.0660. However, if the support line proved able to withstand the pressure we see a current resistance area at around 1.1050. Above 1.1080 our focus will shift to the 1.12-level.

Chart_EUR_USD_Daily_snapshot29.6.15

Important economic data for today:

8:30 UK Net Consumer Credit & Mortgage Approvals

9:00 EUR Economic Confidence

12:00 EUR German Consumer Price Index

14:00 USA Pending Home Sales

We wish you many good trades and a profitable week.

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We wish you good trades and many pips!

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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)

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

 

 

Euro still remains immune to Grexit fears

Dear Traders,

It has been another day without any progress in the Greek debt crisis. Euro-area leaders will now hold an emergency summit Monday. While Greece lurched closer to an exit from the euro, the currency still keeps its head about water and traded higher against the U.S. dollar. Although, investors have faith that a deal will be reached there is a high downside risk for the currency in the event of a Grexit.

We will wait and see. Technically we see a current support at 1.1330. If the euro breaks below that support area we might see the euro tumbling towards 1.1260. The next key support is at 1.12/1.1180. On the upper side there is a next resistance at 1.1450/67, but given the ongoing Grexit fears it could be hard to believe that the euro will break above this zone in the near-term.

For sterling traders it has been another profitable trading day. The British Pound extended its gains and rose above 1.59. A next bullish target could be at 1.60. Current support areas are seen at 1.5850 and 1.58. U.K. Public Sector Finances are scheduled for release today at 8:30 GMT. After a 9-day rally in the GBP/USD the pair is likely to show some consolidated moves.

There are no major economic reports scheduled for release today.

We wish you a beautiful weekend.

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