23 Jul 2015
EUR/USD off highs, near 1.0935
FXStreet (Mumbai) - The shared currency defends modest gains versus the US dollar in the early European trades, with EUR/USD easing-off highs near the mid-point of 1.09 barrier. The major maintains a buoyant tone as markets digest the recent news of Greek lawmakers passing the reforms for bailout.
EUR/USD drops from 1.0956
The EUR/USD pair trades modestly flat at 1.0935, fading a spike to highs post the Greek vote news. The major pared gains and trades muted as markets now shift their focus from Greece to the upcoming US jobs data due later today while awaiting Friday’s flash services and manufacturing PMIs from the Euro area economies.
Earlier in Asia, EUR/USD rose to 1.0956 levels following the reports that Greek lawmakers passed the latest measures, paving the way for formal bailout talks on Friday: 230 voted in favour, 63 against, 5 abstained and 2 were absent.
However, 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 continue to weigh on the European currency.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0956 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0869 (July 22 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.
EUR/USD drops from 1.0956
The EUR/USD pair trades modestly flat at 1.0935, fading a spike to highs post the Greek vote news. The major pared gains and trades muted as markets now shift their focus from Greece to the upcoming US jobs data due later today while awaiting Friday’s flash services and manufacturing PMIs from the Euro area economies.
Earlier in Asia, EUR/USD rose to 1.0956 levels following the reports that Greek lawmakers passed the latest measures, paving the way for formal bailout talks on Friday: 230 voted in favour, 63 against, 5 abstained and 2 were absent.
However, 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 continue to weigh on the European currency.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0956 (Today’s High) levels, above which gains could be extended to 1.1000 levels. On the flip side, support is seen at 1.0869 (July 22 Low) below which it could extend losses to 1.0826 (July 17 Low) levels.