Global macro overview for 23/07/2015:
Yesterday, the Greece government approved the EU demand by passing the second bundle of policy measures. This move was absolutely necessary to keep Greece in the eurozone. The 300 seat parliament approved the deal persuaded by Tsipras argumentation and 151 lawmakers finally agreed. The details of the deal revealed new banking rules protecting the taxpayers from the costs of bank failures. This law will come into force at the beginning of 2016.
The market reaction was largely positive. EUR/USD bounced from the key support at the level of 1.0815. Currently, the market is trading at the level of 1.0987 trying to test the golden trendline. Any breakout higher will lead to immediate test of the next resistance at the level of 1.1200.
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