Economic Calendar for Tuesday:
EUR 9:15 PMI services in Spain
EUR 9:45 PMI services in Italy
09:50 EUR PMI for services in France
EUR 9:55 PMI for services in Germany
10:00 EUR PMI services
10:00 EUR Aggregate by Markit PMI
Today we have not met too many information related to Greece. For the record, let me add that Greece has the money to mid-April, without the help of the EU will have to declare bankruptcy. Currently, the verbal wrangling, of which little is clear. Greece announced that it will be solvent April 9, when it falls maturity of 450 million installment loan granted by the International Monetary Fund. At the moment, the markets did not react nervously.
Forecast for Tuesday:
Tomorrow we will see a number of PMI for the Eurozone. the most important in my opinion, will be the data from Germany and PMI and services from across the Euro zone. Assuming that the start of by the ECB improved sentiment on the European market, we can expect better readings than projected market data. If my assumptions are correct, then this option should strengthen the euro against the dollar. Keep in mind that the worse the data from Europe will support the dollar.
In summary, all the time we are in the channel consolidation between 1,09-1,1032, with which there was a killing on March 26 and return to the interior of the consolidation. Only dislocation of the channel should show the way for the players in the medium term.
If growth is to be expected following an attack on the last peak and probably he will be defeated. In this case, a further object of the resistance should be around 1,1090-1,1100.
Otherwise, the market will head towards support at 1.09 and where demand should defend this level. Output down below 1.09 will mean even further declines around 1.0850 and 1.08.
The preferred option seems to be another attack on 1.1032 and break resistance.