Last week, we wrote, “In the event that the market anticipates a positive result, the euro should be able to return to 4320 and maybe 4380. If the vote is positive, the European currency is expected to resume colors and 4380/4420 resulting in a return signal bullish for 4620 “and finally optimism prevailed by tracing the euro in 4528.
Europe breathes after the adoption by parliament of Greek austerity plan and the markets have welcomed this positive. However, we are not immune to other concerns and a market correction is expected within the coming months on new challenges.
This week is important because Thursday we expect a further rise in rates from the ECB and it should support the European currency at least until Thursday. Then Friday, we will pay attention to the unemployment rate and U.S. Nonfarm Payrolls can be an excuse for profit taking after several days of increase or conversely a continued rise.
Graphically the daily macd has turned upward and normally we should be able to return to the top points from 07 June to 4680/4720.
If we reach these points will require attention to such levels that were triggers reductions and returns on 1.40 since the beginning of the year.
When buying, we can put on the area of media 4450 and 4420 to serve as point of purchase for a transition from 4520/40.
Avoid selling area resistors place within relatively short stoploss of 4550, as it is useless to persist against the power of buyers.
However, a return to 4450 and 4420 can not be excluded in order to get rid of 4520.
Our advice for the week, buyers are still at least until Thursday morning.
We buy 4480/50 to 4580/4620
It sells for 4520/30 4450/20
We buy 4420/50 to 4580/4620