The Euro is strengthening against the USD and traded yesterday at its maximum of 1.1357. The EUR was supported by the decision of the Fed to keep the current rate unchanged and continue with the Quantitative Easing program. Nevertheless, the majority of the commission members voted for the rate increase in 2015, which by the end of the year may reach 0.625%.
The Euro remains under the pressure from the lack of the agreement between Greece and its creditors. Greece is planning to postpone its June payments. The next round of talks is going to be on 18-19 June in Luxemburg and if no agreement is reached, on Friday evening heads of the states will have an emergency meeting.
Support and resistance
The nearest resistance level is 1.1414 – 7/8 Murray.
Support level is 1.1353 – 6/8 Murray.
Open short positions after the breakdown of 1.1353 with stop-loss at 1.1370 and the target at 1.1242.