9 Apr 2015
EUR/USD drops to fresh one-week lows near 1.0740, Greece in focus
FXStreet (Mumbai) - EUR/USD resumed its downside momentum during the European session, shrugging off mixed German data as traders closely eye Greece scenario as the debt-ridden nation sets to make its EUR459m April loan repayment to the IMF.
All eyes on Greece
The EUR/USD trades lower by -0.36% at fresh session lows of 1.0742 levels, retreating from 1.0789 highs. EUR/USD dropped to fresh one-week lows largely on broad based US dollar strength as markets now turn their attention towards Greece.
Greece is due to make its EUR459m April loan repayment to the IMF today following days of uncertainty. It managed to raise EUR1.14 billion in six-month treasury bills this week to keep itself afloat.
Meanwhile, Greek Prime Minster Alexis Tsipras met Russian President Vladimir Putin in Moscow yesterday, but talk of financial aid was denied by both sides.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0775 levels, above which gains could be extended to 1.0800 levels. On the flip side, support is seen at 1.0717 (April 1 Low) below which it could extend losses to 1.0691 (March 10 Low) levels.
All eyes on Greece
The EUR/USD trades lower by -0.36% at fresh session lows of 1.0742 levels, retreating from 1.0789 highs. EUR/USD dropped to fresh one-week lows largely on broad based US dollar strength as markets now turn their attention towards Greece.
Greece is due to make its EUR459m April loan repayment to the IMF today following days of uncertainty. It managed to raise EUR1.14 billion in six-month treasury bills this week to keep itself afloat.
Meanwhile, Greek Prime Minster Alexis Tsipras met Russian President Vladimir Putin in Moscow yesterday, but talk of financial aid was denied by both sides.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.0775 levels, above which gains could be extended to 1.0800 levels. On the flip side, support is seen at 1.0717 (April 1 Low) below which it could extend losses to 1.0691 (March 10 Low) levels.