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EUR/USD Forecast for July 20 – 24, 2015.

This EURUSD pair heads downwards mainly because the Greek crisis especially after mid June. Since the dark clouds are still there, the health of the Euro is on the line.

These are the main events that will affect the EUR/USD pair.

1. German PPI – 20.07.2015 at 6.00 GMT
            Consumer prices depend on Producer Prices, as 0% in May, and no change is expected in June.
2. Current Account - 20.07.2015 at 8.00 GMT
            Mainly because of the German exports, euro zone keeps a large surplus. In April, the amount was 22.3 billion, and is expected to rise up to 23.1 bn.

3. Spanish Unemployment Rate - 21.07.2015 at 7.00 GMT
            Sitting along with the Greece’s level, 23.8% reported in the first quarter, a slight drop to around 22.5% is expected.

4. Consumer Confidence - 23.07.2015 at 14.00 GMT
            The Eurostat’s official figure was at -6 points in May, and expected to be unchanged.

5. Flash PMIs - 24.07.2015 at 8.00 GMT (whole Euro Zone)
            Manufacturing sector is expected to be unchanged at 52.5, and a slight drop is expected in services sector, from 54.4 to 54.2


Technical levels for EUR/USD

1.1200 - Strong Resistance
1.1050 - Strong Resistance
1.0910 - Weak Resistance
1.0865 - Weak Resistance
1.0815 - Weak Support
1.0760 - Strong Support
1.0715 - Weak Support
1.0660 - Strong Support
1.0615 - Strong Support
1.0550 - Weak Support
1.0462 - Very Strong Support (Lowest in 12 years)

We remain bearish on Euro / Dollar.

Mainly the Greece’s situation and the European Central Bank is taking the easy measures of QE.

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