Greece is on the edge of default

At the beginning of the week the US currency rose to the basket of the key currencies. The reason for growth is the unsolved Greece’s problem and the upcoming default. The negative situation of the Greek government puts pressure on the market behavior. However, the growth of the US currency was withheld by the intervention of the National Bank of Switzerland.
On Monday, the euro fell against the US dollar by 2%; later positions were partially offset as European officials confidently announced that Greece will remain in the EU in spite of everything. Meanwhile, the European Central Bank intends to mitigate the effects of the crisis in the Greek country. The euro has fallen dramatically against the Japanese currency, which on Monday was in great demand as a safe asset. Analysts of FortFS believe that the scenario of events development would be that market participants would turn to safe assets in large-scale. In this case, the US and Japanese currencies will win.
Eurocurrency was supported by the statements of the President of the Swiss Central Bank, Thomas Jordan about the need to intervene in the currency market with the aim of stabilizing. The market mayhem began after Greece has decided to discontinue all banks operations for 6 days.
Greek authorities decided to suspend the bank operation until July 6. In order to stop the money outflow from the country, restrictions on the movement of capital were imposed. On Sunday, Greece will hold a referendum where residents will be required to vote on the creditors' conditions. On Wednesday, the preliminary results of Hellenic polls will be announced. You can suggest a surge of activity in the euro currency against the strengthening of panic. A surge of activity in the Eurocurrency could be suggested against the strengthening panic. At the moment, remain unclear the consequences and the process of exiting the EU in case if the Greeks do not accept the creditors’ conditions. It is not excluded that creditors could make concessions.
Angela Merkel has left positive comments saying that she is open for negotiations with Greece after the referendum where also, debates on the Greek question will be held in Bundestag on Wednesday. It seems that Mrs. Merkel has no plans to go down in history as the chancellor who has contributed to the collapse of the monetary union and perhaps the EU. The advantages of a weak currency allowing competing with China can be used by other EU countries - Portugal, Italy, and Spain. In addition, approaches the question of membership of the United Kingdom in the European Union.
Further developments in the euro currency exchange rate will be reflected on Fort Financial Services website.
MACD is located below the zero line and above the signal line. The histogram grows towards zero. According to the indicators is possible the opening of trades in shortstop.
Stochastic oscillator is overbought, the% K above the% D. the signal for selling will be at the moment when the indicator will exit the overbought zone under the level of 80.
Resistance levels: 1.1220, 1.1425
Current price: 1.1192
Support levels: 1.1000, 1.0820, 1.0650
Trading recommendations:
The pair found support at the point 1.1000. If the bears push it down, the decline may continue to the level of 1.0820 and further to 1.0650. The pair met resistance at 1.1220. The break through and the further increase will lead to the level of 1.1425 and then to 1.1620.