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EUR/USD: Euro boosted as Greece gets a deal and activity rising above expectations
The Euro holds on to daily gains against the US Dollar near fresh weekly highs after the Eurozone creditors agreed on debt restructuring with Greece while the Eurozone composite PMI rose to 54.8 in June, up from 54.1 in May beating the market forecast.
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OPEC meeting is set to decide on the oil production quotas with leaders from Russia and Saudi Arabia wanting to pump up more oil to meet the demand, while Iran disagrees.
Media ping-pong between China and the US continues regarding the US-led trade war.
UK Government said it does not expect no-deal Brexit.
The Eurozone agreed on the final elements of a plan to get Greece out of its eight-year bailout program and make its massive debt more manageable.
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Canada’s core inflation and retail sales data headline the North American session.
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EUR/USD could advance next week, but sentiment still skewed to the downside
The common currency managed to recover some ground and close the week in positive territory against its American rival, ending the week above the 1.1600 figure after extending its yearly decline by a couple of pips, to 1.1507.
The EUR/USD made a sharp turnaround and trades at higher ground. What are the next levels to watch?.
The Technical Confluences Indicator shows that the pair faces a clear congestion of resistance levels at 1.1666. This is the convergence of the Simple Moving Average 50-4h, the SMA 200-1h, the Fibonacci 38.2% one-week, the Pivot Point one-day Resistance 3, and the Bolinger Band one-day Middle.
Further above, a confluence of potent caps awaits at 1.1738 where the Fibonacci 61.8% one-week, the Fibonacci 38.2% one-month, and the Simple Moving Average 200-4h await.
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