The EUR/USD inched higher on Tuesday with speculative buying.
Traders want to confirm if Greece can make its loan payment to the International Monetary Fund and if the government will be able to enforce the new austerity measures.
We are in a clear lateral movement within a larger downward trend.
The drilling of $ 1.08, on closing prices, will leave the door open to a bassist continuity scenario towards at least the minimum of $ 1.05 in April.
The EURUSD has fallen more than 2.0% since the beginning of July and keeps a low phase since the end of June, is enduring slightly below the Fibonacci retracement of 61.8%.
Euro gain strength not because investors have become optimistic grating on the Greek issue, but because the perceived risk is back in High in the markets.
EUR/USD advanced but limited by 1.099 resistance level.
Given the positive sentiment towards the common currency we it is possible to see the rate trading higher in the short run.
Today the dollar started the day trading higher against almost all of its peers.
Greek PMI collapsed to 30.2 as employment plunged, what suggests a contraction in GDP of around 16%.
Eurozone’s PPI for July is expected to fall at an accelerating pace.
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