Relief rallies against the greenback extended this Tuesday, after Greek PM Alexis Tsipras revamped its debt-negotiation team, removing Varoufakis from the negotiation table. Greek bond yields have retreated from highs, down almost 100 points after the news late Monday, standing now around 11.50%. The new team is expected to be more flexible when it comes to creditors demands, but right now, the only thing that market have is hopes.
The EUR/USD pair aims higher around the 1.0900 level, with the 4 hours chart showing that the 20 SMA advanced further below the current price, now around 1.0850, whilst the RSI indicator turned north around 64 and the Momentum indicator heads lower around 100, still not reflecting the latest advance. The pair can now extend its rally up to the 1.0950 region, a strong static resistance level. If the price manages to continue advancing, then a test of the 1.1000 level seems likely. Selling interest would likely surge around this area, albeit the pullback is expected to be limited.
To the downside, the pair is limited by a strong support area between 1.0840/50, so it will take a break below it to confirm additional declines towards the 1.0800 price zone.
View Live Chart for EUR/USD
The EUR/USD pair aims higher around the 1.0900 level, with the 4 hours chart showing that the 20 SMA advanced further below the current price, now around 1.0850, whilst the RSI indicator turned north around 64 and the Momentum indicator heads lower around 100, still not reflecting the latest advance. The pair can now extend its rally up to the 1.0950 region, a strong static resistance level. If the price manages to continue advancing, then a test of the 1.1000 level seems likely. Selling interest would likely surge around this area, albeit the pullback is expected to be limited.
To the downside, the pair is limited by a strong support area between 1.0840/50, so it will take a break below it to confirm additional declines towards the 1.0800 price zone.
View Live Chart for EUR/USD
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