17 Jul 2015
EUR/USD looking to stabilize near 1.0850
FXStreet (Edinburgh) - The weakness around the euro has not given up at the end of the week, with EUR/USD retreating uninterruptedly since Monday.
EUR/USD weaker on USD
The pair has been losing ground since Greece and the EU institutions have clinched a deal on Monday morning, coming down from previous week’s tops in the 1.1200 neighbourhood.
A steady stance of the ECB and the neutral tone from Draghi’s press conference did nothing to curb the bearish sentiment around the single currency, which has declined further after the USD-supportive testimony by Chair J.Yellen on Wednesday.
EUR/USD levels to watch
At the moment the pair is down 0.23% at 1.0849 and a break below 1.0819 (low May 27) would target 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24). On the upside, the initial hurdle aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).
EUR/USD weaker on USD
The pair has been losing ground since Greece and the EU institutions have clinched a deal on Monday morning, coming down from previous week’s tops in the 1.1200 neighbourhood.
A steady stance of the ECB and the neutral tone from Draghi’s press conference did nothing to curb the bearish sentiment around the single currency, which has declined further after the USD-supportive testimony by Chair J.Yellen on Wednesday.
EUR/USD levels to watch
At the moment the pair is down 0.23% at 1.0849 and a break below 1.0819 (low May 27) would target 1.0789 (low Apr.25) en route to 1.0666 (low Apr.24). On the upside, the initial hurdle aligns at 1.1036 (high Jul.15) followed by 1.1086 (high Jul.14) and then 1.1197 (high Jul.13).