14 Jul 2015
EUR/USD consolidates above 1.1000 – key level
FXStreet (Mumbai) - The European currency trimmed gains and trades muted versus the US dollar in the early European trades, keeping EUR/USD in a flat-lining near 1.10 handle. The major struggles to sustain above 1.1000 levels as the monetary divergence prospect continue to weigh on the European currency. While EU’s bridge financing decision is awaited by markets for fresh cues.
EUR/USD bounces-off 1.0974
The EUR/USD pair trades modestly flat at 1.1002, retracing from 1.1013 highs. The European currency treads water versus the US dollar, against a couple of Greece headlines crossing the wires with German FinMin commenting on the key bridge financing issue while Greek PM Tsipras stating that he may consider stepping down post Wednesday’s Greek Parliament vote on the latest deal struck between Greece and the Euro zone.
Markets remain cautious as they weigh the road ahead for Greece in terms of implementation and implications of the reforms in exchange for the bailout funds. While the crucial bridge financing decision is underway as the Euro zone ministers contemplate on it while noting that it’s going to be a complex decision.
Meanwhile, all eyes are on Wednesday deal vote in parliament for further insights on Greece’s future in the EU, while ECB meeting this week will also be closely followed amid a data busy EUIR and US economic calendar.
Trade ECB meeting with Bednarik, Elam and Pinkert; Greece + Germany + Forex
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (July 7 High) levels, above which gains could be extended to 1.1095 (July 6 High) levels. On the flip side, support is seen at 1.0974 (Today’s Low) below which it could extend losses to 1.0917 (July 7 Low) levels.
EUR/USD bounces-off 1.0974
The EUR/USD pair trades modestly flat at 1.1002, retracing from 1.1013 highs. The European currency treads water versus the US dollar, against a couple of Greece headlines crossing the wires with German FinMin commenting on the key bridge financing issue while Greek PM Tsipras stating that he may consider stepping down post Wednesday’s Greek Parliament vote on the latest deal struck between Greece and the Euro zone.
Markets remain cautious as they weigh the road ahead for Greece in terms of implementation and implications of the reforms in exchange for the bailout funds. While the crucial bridge financing decision is underway as the Euro zone ministers contemplate on it while noting that it’s going to be a complex decision.
Meanwhile, all eyes are on Wednesday deal vote in parliament for further insights on Greece’s future in the EU, while ECB meeting this week will also be closely followed amid a data busy EUIR and US economic calendar.
Trade ECB meeting with Bednarik, Elam and Pinkert; Greece + Germany + Forex
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (July 7 High) levels, above which gains could be extended to 1.1095 (July 6 High) levels. On the flip side, support is seen at 1.0974 (Today’s Low) below which it could extend losses to 1.0917 (July 7 Low) levels.