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Hopes for a breakthrough on a new bailout deal for Greece were boosted after the government put forward new proposals on budget cuts and economic reforms ahead of a meeting of the Euro group of finance ministers on Saturday.
The current week is going to deliver some additional fundamental data, namely the data on retail sales and import price in the United States and revised data on consumer inflation in the Euro zone countries. The ECB is also to announce its monetary policy decision. The rate announcement will be followed by a post-policy meeting press conference with President Mario Draghi.
Comparing to the previous week, participants of the last week's quiz changed their view about pair's future perspectives completely, as now 62% of them are staying bullish on the currency pair. The vast majority of traders expect the pair to stay around the current trading levels. As Jignesh suggests, "EUR/USD continues to struggle to take out weekly support at 1.0970. Last week, we once again saw strong buying in that area, leaving the pair to close with a bullish candle for the week. Dips should be bought this week as the US Dollar continues to be sold off against strong daily resistance.", while Daytrader21 thinks that "The EUR/USD exchange rates are quite stable taking in consideration the ongoing negotiations between Brussels and Greece. We should expect further consolidation until we have a clear resolution on Greece".
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