TRADING
TIPS :
The euro rose to one-and-a-half week
highs against the U.S. dollar on Friday, as hopes that a deal will be
reached between Greece and its creditors before the end of the
weekend lifted the single currency. EUR/USD hit 1.1132 during Euro
ean morning trade, the pair’s highest since July 1; the pair
subsequently consolidated at 1.1114, advancing 0.70%. The pair was
likely to find support at .0991, Thursday’s low and resistance at
1.1171, the high of July 1. Greece offered to make painful spending
cuts and hike taxes late Thursday, in a last-ditch request to win one
more bailout from Europe before the country descends into bankruptcy.
Athens was seeking at least €50 billion over the next three years.
In exchange, the government presented a number of austerity measures
that were said to total between €12 billion and €13 billion –
significantly more than Greece’s previous commitments.The move
brought Greece one step closer to a deal with its European creditors,
who plan to make a final decision Sunday about whether to grant the
country additional emergency loans. The euro was also higher against
the pound, with EUR/GBP climbing 0.50% to 0.7212.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5540 TARGET 1.5560 1.5590 SL 1.5510
SELL
GBPUSD BELOW 1.5348 TARGET 1.5328 1.5298 SL 1.5378
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1215 TARGET 1.1235 1.1265 SL 1.1185
SELL
EURUSD BELOW 1.1130 TARGET 1.1110 1.1080 SL 1.1160
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