The emergency Euro Summit failed to come to a final agreement between creditors. Now, everybody eyes Thursday's Eurogroup's meeting. The ECB raised the emergency liquidity assistance.

The pair rejected at the higher levels and closed -0.4% erasing its intraday gains Consumer confidence improved in the European Union. The ECFIN flash estimate of the consumer confidence indicator improved in the EU (+0.7 points to -3.3) and remained stable in the euro area (at -5.6) compared to May. Besides, US home sales data supported the greenback.

Technical analysis:

The pair has been consolidating at the highest level of the month, unable to pass the rough road. The pair has been facing strong resistance at 1.1380 on a daily closing basis for almost 3 weeks. Though the pair hit an intraday high of 1.1437, it was unable to close above that. The parallel resistance is seen at 1.1437, 1.1467, and 1.1535. Today it's another busy day bagged with major economic data on the euro and USD.

The support is found at 1.1290, 1.1225, and 1.1150. The intra-week resistance is seen at 1.1440, 1.1467, and 1.1490. The trend reversal looms above 1.1535.

Pros: In the he four-hour chart, the pair managed to breach the double top formation at 1.1380 hitting a high of 1.1437. But bulls were unable to close above that double top formation. The nearest resistance is seen at 1.1440 and 1.1490. In case bulls are unable to close above 1.1535, bears will re-test 1.1200, 1.1100, and 1.1060 this week.

Cons: In case bulls manage to close above 1.1540, they will target 1.1700 in a day or two. The support level at 1.1290 is acting as strong support. The trend favours buying on dips with sl 1.1050, support is found at 1.1150 and 1.1060.

Intraday: Intraday resistance is seen at 1.1360, 1.1420, and 1.1470. Support is found at 1.1310, 1.1285, and 1.1260. Intraday selling opportunity arises below 1.1285, selling accelerates below 1.1250 towards 1.1225, 1.1210, and 1.1150. Buying is available above 1.1360 with a target at 1.1380, 1.1400, and 1.1420; the level of 1.1450 is likely to be reached in the extreme case likely. The safe buying is available above 1.1380.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com