Support 3- 1.0886 (61.8 % Fibonacci retracement)
Support 2- 1.0915 (July 7, 2015 Low)
Support 1- 1.0970 (50% Fibonacci retracement)
Spot Rate- 1.1023
Resistance 1- 1.1090 (38.2% Fibonacci retracement)
Resistance 2- 1.1115
Resistance 3- 1.1171 (10, 25 and 50 DMA)
Commentary:
- EURUSD is hovering around 1.10 levels and supported above 50% Fibonacci retracement as Greece and FOMC meeting minutes remain strongly in focus.
- Latest developments surrounding Greece suggest that it will be either a deal by Sunday or Grexit after Greece failed to meet its obligations for this month. Moreover, Greek officials failed to submit any form of significant new written proposals at yesterday’s Euro group meeting in Brussels.
- Initial resistance is at 1.1090, with the break above that on a daily closing basis will expose the 23.6% Fibonacci retracement at 1.1171.
- Alternatively, daily close below 1.0915 would bring the parity towards new downside pressure.
The material has been provided by InstaForex Company – www.instaforex.com