FXStreet (Barcelona) – The recent price action suggests consolidation with an upside bias remains for EUR/USD and a move towards 1.1205/15 might be expected, notes the Research Team at AceTrader.
Key Quotes
“Euro’s rally above 1.1006 (Friday high, now support) to as high as 1.1195 yesterday on optimism of Greek debt deal signals decline from May’s 3-month peak at 1.1467 has made a low last Wednesday at 1.0819 and consolidation with upside bias remains, above said resistance would extend gain to 1.1205/15 and then 1.1240/50 but reckon price would falter well below previous daily resistance at 1.1290 today.”
“On the downside, only a daily close below aforesaid 1.1006 would confirm a top is made instead and shift risk to downside for subsequent weakness to 1.0920/30.”
(Market News Provided by FXstreet)