Intraday Market Analysis: Tension is noted in EURUSD

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EURUSD Intraday Market Analysis

As the pressure on Greece mounts we are likely to witness greater volatility in the market. Our stance for the Euro is that in either scenario moderate gains may be seen. If a deal with Greece is made moderate gains will be seen in EUR pairs and crosses. If no deal is made, the capital control measures that will be forced on Greece will trigger a swift rally in EUR pairs and crosses before correcting lower.

EURUSD 4hr Chart

Please click on the chart to enlarge:

EURUSD 4hr Chart, 17/06/15

EURUSD 4hr Chart, 17/06/15

From a technical angle EURUSD gains may be supported upon a successful breakout above the resistance. Likewise, a firm break below may indicate further weakness is expected, targeting 1.1070. The breakout is most likely to occur in today’s session. If it will not be any breaking news from Greece Yellen will do the job when the Fed’s monetary policy is released.

The heavy selling that took place in EURUSD on Tuesday’s session occurred when the Greek Prime Minister, Alexis Tsipras began his speech to the Greek Parliament. A swift recovery was noted, which probably took some intraday technical traders by surprise. We repeat that it has been speculated Europe is preparing to impose capital control measures on Greece this coming weekend in order to contain a possible crisis in the markets. It was also brought to our attention Greece’s creditors wished Tsipras to hold a referendum or head for snap elections. These are not regular trading days, which is why we are extremely cautious. Man

We have examined multiple pairs and crosses in the Forex market and it appears the majority are held in a fairly tight range aside GBP. We will being increasing the intraday market analysis for the spot markets.

Intraday Market Analysis Outcome

EURUSD 4hr Chart

Please click on the chart to enlarge:

EURUSD current 4hr chart, 17/0615

EURUSD current 4hr chart, 17/0615

 

As EURUSD intraday analysis is no longer relevant it can  now be accessed by all traders. Intraday market analysis is restricted to members that have signed up for our intrday market analysis plan when it is published on the website. We have been proving trade alerts in the Forex market since May 2014.

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