9 Jul 2015
EUR/USD drops below 1.11 handle
FXStreet (Mumbai) - The EUR/USD pair fell back below 1.11 handle, after having clocked a high of 1.1124 tracking the sharp rise in the Shanghai Composite Index.
EUR restricted by Greece issue
The latest bout of weakness by ECB member Hansen’s comments that the situation is “much worse than even 10 days ago”. The pair now trades between two key Fib levels - 1.1104 (38.2% Fib of Apr-May rally) and 1.1083 (38.2% Fib of Mar-May rally).
The spot was buoyed earlier today by the sharp recovery, followed by a rally in the Shanghai Composite index (up more than 6%), which triggered a weakness in the safe haven assets. Ahead in the day, the pair could be influenced by Greece issue and weekly payrolls data in the US.
EUR/USD Technical Levels
The immediate support is seen at 1.1083 (38.2% Fib of Mar-May rally), under which the pair could target 1.1050 (Mar 26 low). On the flip side, a break above 1.1104 (38.2% Fib of Apr-May rally) could push the spot higher to 1.1150 levels.
EUR restricted by Greece issue
The latest bout of weakness by ECB member Hansen’s comments that the situation is “much worse than even 10 days ago”. The pair now trades between two key Fib levels - 1.1104 (38.2% Fib of Apr-May rally) and 1.1083 (38.2% Fib of Mar-May rally).
The spot was buoyed earlier today by the sharp recovery, followed by a rally in the Shanghai Composite index (up more than 6%), which triggered a weakness in the safe haven assets. Ahead in the day, the pair could be influenced by Greece issue and weekly payrolls data in the US.
EUR/USD Technical Levels
The immediate support is seen at 1.1083 (38.2% Fib of Mar-May rally), under which the pair could target 1.1050 (Mar 26 low). On the flip side, a break above 1.1104 (38.2% Fib of Apr-May rally) could push the spot higher to 1.1150 levels.