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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.