The single European currency has slightly appreciated against the American dollar lately. EUR/USD reached a level of 1.1414, and the next important resistance level would be the line of 1.1456, from which the pair may bounce down to a level of 1.1193.
The Euro is supported by the news that Athens repaid its debts to the IMF despite its economic problems. The country used its standby funds of 650 million euro. However, there are yet no reasons for optimism as the country may completely run out of money in 2 weeks unless the government manages to reach an agreement about the new financial aid in the amount of 7.2 billion euro. New reforms are an indispensable condition to get the aid, but whether or not they will be implemented is still unclear. Thus, a threat of decline in investors' demand hangs over the European currency again.
Support and resistance
The nearest resistance level is at 1.1414 (7/8 Murray). The nearest support level is at 1.1353 (6/8 Murray)
Go short after a level of 1.1353 is broken and place protective orders near a level of 1.1380 with a target at 1.1258.