Euro has been bumping into the declining trendline (drawn off July 2014, August 2014, December 2014, May 2015 and June 2015 highs) for the most of the past week. On the flipside, all falls on the disappointing Greek headlines and better US data were promptly soaked up. Supply and demand are in balance at the moment, but one of the sides will soon give in.

A great catalyst for the upside would be a deal between Greece and its creditors. Not sure about Greek default, as on one hand it would cause a lot of uncertainty but on the other hand it may turn out to be the best solution for both parties.

I still prefer the upside with the first target in 1.1450 - 1.1500 band. 50 and 100 DMA shall now contain any falls if the bulls are indeed in control.

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