IMPACT ON THE EURO-
The focus has shifted to French industrial production and non-farm payroll data. This week, the key event falls on the TLTRO result on Thursday. We expect increase in the French industrial production from the even level a month before.
IMPACT ON THE USD-
The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.
TECHNCIAL VIEW
The cable marginally gained at the previous session, but was unable to close above 20Dsma. The pair has intraday parallel resistance at 1. 2456, above this 1.2530 and 1.2600 will act as resistance levels. The hourly resistance exists at 1.2393 and 1.2456. On the support side, they exist between 1.2360 and 1.2325 on an hourly basis. We recommend fresh intraday buying above 1.2400 with the targets at 1.2450, 1.2500, and 1.2530. We recommend intraday selling below 1.2325 with immediate targets at 1.2295, 1.2270, and 1.2247. Below the 1.2350 levels, we can see strong selling pressure. The hourly (h1 and H4) stochastic is indicating a selling mode.
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