1 Jul 2015
EUR/USD spikes to 1.1150
FXStreet (Mumbai) - The EUR/USD pair bounced-off lows and jolted higher above 1.11 barrier in the European session, with the pair turning in to the positive zone following the latest pro-Greece deal comments from Greek PM Tsipras crossing the wires. While traders digest Greece default news completely brushing off solid EZ PMI readings.
EUR/USD bounces-off 1.1097
The EUR/USD pair trades modestly flat at 1.1140, jumping nearly 50 pips on the latest Greece headlines. The major reclaimed 1.11 handle and jumped higher following the latest report by FT, stating that Greek PM Tsipras will be ready to accept all conditions for a Greek bailout ahead of Sunday’s referendum.
However, the recovery is expected to be short-lived as the major remains pressured on broad based US dollar strength ahead of crucial US employment data due later today. While news that Greece has missed a crucial debt repayment of €1.6 billion to IMF continues to hamper market sentiment.
Meanwhile, markets ignored upbeat PMI reading from the Eurozone and Germany with euro showing little reaction the data.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1194 (June 2 High) levels, above which gains could be extended to 1.1221 (June 25 High) levels. On the flip side, support is seen at 1.1111 (June 30 Low) below which it could extend losses to 1.1080 (June 8 Low) levels.
EUR/USD bounces-off 1.1097
The EUR/USD pair trades modestly flat at 1.1140, jumping nearly 50 pips on the latest Greece headlines. The major reclaimed 1.11 handle and jumped higher following the latest report by FT, stating that Greek PM Tsipras will be ready to accept all conditions for a Greek bailout ahead of Sunday’s referendum.
However, the recovery is expected to be short-lived as the major remains pressured on broad based US dollar strength ahead of crucial US employment data due later today. While news that Greece has missed a crucial debt repayment of €1.6 billion to IMF continues to hamper market sentiment.
Meanwhile, markets ignored upbeat PMI reading from the Eurozone and Germany with euro showing little reaction the data.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1194 (June 2 High) levels, above which gains could be extended to 1.1221 (June 25 High) levels. On the flip side, support is seen at 1.1111 (June 30 Low) below which it could extend losses to 1.1080 (June 8 Low) levels.