10 Jul 2015
EUR/USD offered at 1.1134, trades around 1.11
FXStreet (Mumbai) - The EUR/USD pair was offered at the high of 1.1134, after which it pared gains to trade below 1.11 levels.
EUR/USD: supported by 38.2% Fib levels
The spot fell to the 38.2% Fib retracement of the Mar-May rally located at 1.1083, before rising back to 1.11 handle. The investors ignored the US-German 10-year yield spread, which narrowed to 152 basis points from 155 basis points seen in the previous session.
The drop from 1.1134 cannot be attributed to any specific fundamental news. Meanwhile, the latest chatter regarding Greece is that the country will renew capital control rules by Monday. PM Tsipras also also told his parliamentary team that he has a mandate for a better deal and not Grexit. The common currency could remain volatile amid Greece related news flow.
EUR/USD Technical Levels
The pair currently trades around 1.11. The immediate resistance is seen at 1.1134, above which the pair could extend the rally to 1.1170. On the other hand, support is seen at 1.11 and 1.1050 (Mar 26 high).
EUR/USD: supported by 38.2% Fib levels
The spot fell to the 38.2% Fib retracement of the Mar-May rally located at 1.1083, before rising back to 1.11 handle. The investors ignored the US-German 10-year yield spread, which narrowed to 152 basis points from 155 basis points seen in the previous session.
The drop from 1.1134 cannot be attributed to any specific fundamental news. Meanwhile, the latest chatter regarding Greece is that the country will renew capital control rules by Monday. PM Tsipras also also told his parliamentary team that he has a mandate for a better deal and not Grexit. The common currency could remain volatile amid Greece related news flow.
EUR/USD Technical Levels
The pair currently trades around 1.11. The immediate resistance is seen at 1.1134, above which the pair could extend the rally to 1.1170. On the other hand, support is seen at 1.11 and 1.1050 (Mar 26 high).