22 Jul 2015
EUR/USD wipes-out gains, muted around 1.0935
FXStreet (Mumbai) - The shared currency trades modestly flat versus the US dollar in the mid-European session, keeping EUR/USD near the mid-point of 1.09 handle. The main currency pair keeps green amid lack of eventful fundamentals leaves the euro at the mercy of the overall market sentiment.
Focus shifts to Greek vote
The EUR/USD pair trades almost unchanged at 1.0939, facing rejection at 1.0950 levels in last hours. The major pared gains and trades muted as markets shift their focus towards today’s Greek vote on the second bailout deal offered by its creditors. While traders also diverted their interest to equity markets and the earnings season in another data-quiet trading session.
The major continues to face stiff resistance at 1.1000 – key levels and may resume its broader downtrend as divergence in the monetary policies of the ECB and Fed persists while reports from Bloomberg that China may dump euros in order to boost its USD reserves may also keep the EUR/USD pair undermined.
Looking ahead, existing home sales are due in the US on Wednesday, as markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0966 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.
Focus shifts to Greek vote
The EUR/USD pair trades almost unchanged at 1.0939, facing rejection at 1.0950 levels in last hours. The major pared gains and trades muted as markets shift their focus towards today’s Greek vote on the second bailout deal offered by its creditors. While traders also diverted their interest to equity markets and the earnings season in another data-quiet trading session.
The major continues to face stiff resistance at 1.1000 – key levels and may resume its broader downtrend as divergence in the monetary policies of the ECB and Fed persists while reports from Bloomberg that China may dump euros in order to boost its USD reserves may also keep the EUR/USD pair undermined.
Looking ahead, existing home sales are due in the US on Wednesday, as markets now shift their focus towards a raft of flash manufacturing and manufacturing PMIs due for release on Friday amid a data-light European calendar for the week ahead.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0966 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0854 (July 16 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.