Positive news on Greece, at the beginning of the week led to improved sentiment in the markets, which resulted in gains in the currency pair discussed. On Monday there was to break the resistance level at 1.0996 and Tuesday was continued upward movement. After the withdrawal of an earlier low at around 1.0960 reached in demand around the resistance level at 1.1080 (July 29 summit, which I mentioned in Friday's analysis). Finally, the maximum fell at 1.1089 and the next part of the day there was profit-taking.
The economic calendar for Wednesday is worth paying attention to data on industrial production in the euro zone.
The positive sentiment should persist on Wednesday, which in turn should lead to re-test the level of 1,1080-90. In the event of defeat of that resistance, the demand should have no problems in meeting the resistance zone at 1,1113-29 (peaks in late July). It should be noted, however, that at the last levels, the game should turn to the supply side, since breaking above the levels open the way towards 1.1215 (maximum of 10 July) and 1.1277 (maximum of 29 June).
In an alternate version of supply may take the initiative and defend high of 1,1080-89. As a result, we should see dips towards the 1.10 level and then, if his break, the supply should push the exchange rate towards Tuesday's low of 1.0960. After breaking the last support, natural target for the supply zone will be at 1,0916-30 support levels.
In summary analysis, I would like to point out that some investors will look forward to Thursday's US data concerning retail sales, which could affect liquidity in the EUR / USD pair.
The economic calendar for Wednesday is worth paying attention to data on industrial production in the euro zone.
The positive sentiment should persist on Wednesday, which in turn should lead to re-test the level of 1,1080-90. In the event of defeat of that resistance, the demand should have no problems in meeting the resistance zone at 1,1113-29 (peaks in late July). It should be noted, however, that at the last levels, the game should turn to the supply side, since breaking above the levels open the way towards 1.1215 (maximum of 10 July) and 1.1277 (maximum of 29 June).
In an alternate version of supply may take the initiative and defend high of 1,1080-89. As a result, we should see dips towards the 1.10 level and then, if his break, the supply should push the exchange rate towards Tuesday's low of 1.0960. After breaking the last support, natural target for the supply zone will be at 1,0916-30 support levels.
In summary analysis, I would like to point out that some investors will look forward to Thursday's US data concerning retail sales, which could affect liquidity in the EUR / USD pair.