8 Jul 2015
EUR/USD off highs near 1.1040, all eyes on Greece
FXStreet (Mumbai) - The single currency gathered pace and climbed further in to green versus the US dollar in the European morning, lifting EUR/USD beyond 1.1000 levels. The major edged higher largely on a corrective rally after witnessing sharp losses on Tuesday amid ongoing Greece concerns.
EUR/USD rises from 1.1010
The EUR/USD pair trades 0.28% at 1.1045, retracing from session highs reached at 1.1059. The major reversed previous losses and trades firmer this session as traders booked profits on their EUR shorts after the recent slump fuelled by lack of progress on the Greece front at yesterday’s Euro group meetings.
Moreover, with a lack of fundamentals on the EU macro front, the news feed from Greece will dominate the headlines. While markets now shift their focus towards FOMC minutes due later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1095 (July 6 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.0975 (Today’s Low) below which it could extend losses to 1.0953 (June 29 Low) levels.
EUR/USD rises from 1.1010
The EUR/USD pair trades 0.28% at 1.1045, retracing from session highs reached at 1.1059. The major reversed previous losses and trades firmer this session as traders booked profits on their EUR shorts after the recent slump fuelled by lack of progress on the Greece front at yesterday’s Euro group meetings.
Moreover, with a lack of fundamentals on the EU macro front, the news feed from Greece will dominate the headlines. While markets now shift their focus towards FOMC minutes due later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1095 (July 6 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.0975 (Today’s Low) below which it could extend losses to 1.0953 (June 29 Low) levels.