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FX snapshot

An apparent Greek deal this morning gave a strong boost to risk appetite, sending the euro surging as markets looked to put a difficult weekend behind them.

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
GBP/USD
Source: Bloomberg

EUR/USD lifted by Greek resolution
So Greece is fixed, apparently. The euro has taken the news well, moving higher so far this morning, although the $1.12 level/50-day simple moving average continues to be a problem, as it was at the end of last week.

Nonetheless, the really difficult work appears to be done, even if the measures still have to get through national parliaments, including the Bundestag. A breach of $1.12 will be key, but so long as stochastics remain bullish I continue to expect further upside.

The quick move lower we have seen in EUR/USD back towards $1.10 is hardly surprising given the magnitude of the move higher on Friday. That said, a rising hourly trendline off the 7 July lows means that we could see a dip as far as $1.1056 before a bounce materialises. 

GBP/USD cements its bullish outlook
The pound has moved steadily higher, taking its cue from the general relief at news of a Greek deal. We saw a bottoming process develop last week, with Friday’s strong move cementing the bullish outlook.

The first target is $1.56, which would then put GBP/USD in a good position to challenge the rising April trendline from below. 

USD/CAD enters a consolidation period
This pair has bounced yet again from the C$1.2680 support zone, as what looked like the beginnings of a downtrend transforms into a consolidation period. So far however bounces run out of steam around C$1.2740.

A breakout from this range would either see the pair test C$1.28, or prompt a downward move that will head towards $1.2574 as a first downside target.

USD/JPY continues its move higher
The dollar is moving higher against the yen for a third successive day, breaching Y123 and heading towards resistance at Y124.

A break of this level, backed by bullish stochastics and relative strength index, would target the June highs around Y126. A continued move downwards for USD/JPY would first find support at the 50-day SMA at Y122.43. 

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.