The ECB added pressure on the Greek government at yesterday's meeting. The ECB decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic. It is withdrawing a key borrowing option for the countries' banks. At yesterday's session, the pair lost approx 140 pips. On the other hand, the US dollar gained ground by the strong US economic data. Private sector employment increased by 213,000 jobs from December to January. Today, the pair opened on a bearish note, but is trading above 1.1300. The prices are closed and trading below the hourly moving averages. On the h4-chart, the pair is trading next to the trend line. The pair has resistance at 1.1355, 1.1372, and 1.1400. We recommend fresh selling below 1.1280 with the targets at 1.1260, 1.1225, 1.1200, and 1.1185. We recommend fresh buying only above 1.1400. Today, the focus has shifted to the unemployment data in the US. The pair still favours every rise to sell. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560 levels. As of now, the monthly resistance exists at 1.2000 or 50Dsma. The short-term trend will chance only if the price closes above it, until then use every rise to sell.
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