Today the market has led to downward closing the gap that took place at the opening on Sunday. Strong declines were caused by the information we sprang from Greece. Minimum dropped out at the level of 1.0954. Then came the voice of the demand side, who closed the gap to fall and lead to further increases at 1.1279!
Economic calendar for Tuesday:
8:00 EUR Retail sales in Germany
EUR 8:45 Consumer spending in France
9:55 EUR German unemployment change
9:55 EUR German unemployment rate
11:00 EUR CPI in Italy
11:00 EUR Core CPI
11:00 EUR CPI
11:00 EUR Unemployment rate
15:00 USD composite house price index S & P / CS ,
15:45 USD Chicago PMI
16:00 USD Consumer confidence by the Conference Board
Forecast for Tuesday:
The situation despite the strong growth is not entirely clear. (It is worth recalling that the market earlier defeated the march important support and vice versa during the day broke all the important resistance).
The EUR / USD today broke the important resistance at 1,1234-40, which may have serious consequences in a wider horizon. However, keep in mind that the market will await further information on Greece. Therefore, we can expect a uncertainties and nervous movements. Realistically we are looking we may be witnessing another strong at least until July 5, when it will hold a referendum in Greece.
In the case of consecutive increases, we can count with an attack on 1.1279. If there is a break of this resistance we can count back to the last peaks. Then, the next targets will be the levels 1.1335 and 1.1380. In the short term objective will be the level of 1.1456.
In the case of declines, the market will lead to a test level of 1,1150-70 and 1,1129-34. The next is 1.1080. With a strong decline we can expect with the next test level of 1.10 and 1.0954.
Keep in mind that important data from Europe and the USA tomorrow are likely to materially affect the currency pair ( CPI , consumer confidence index by the Conference Board).
Note: The currency pair is under pressure, you should keep an eye on about Greece!