10 Jul 2015
EUR/USD testing highs just ahead of 1.1100
FXStreet (Mumbai) - The bid tone in the single currency heightened versus the US dollar heading into European morning bells, with EUR/USD now sitting at fresh highs above 1.11 handle. The major jolted higher as traders continue to cheer the latest move by Greece late Thursday, raising hopes of a Greek deal to be struck soon.
EUR/USD rises from 1.1055
The EUR/USD pair trades 0.60% at fresh session highs of 1.1105, extending its recovery from 1.0992 levels. The European currency gained support across the board from optimism that the last attempt to find common ground between Greece and its international creditors.
Greece has proposed to cut military spending by €100 million in 2015 and by €200 million next year, reforming and improving tax collection and fighting tax evasion, and will go ahead with the privatization of certain state assets, including regional airports and ports.
Greece is hoping to receive approximately €53.5 billion in rescue funds needed to prevent complete bankruptcy of the cash-strapped nation and its exit from the euro area.
Traders await Federal Reserve Chair Janet Yellen's speech later today amid a data-empty EUR-calendar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1118 (July 3 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.1055 (Today’s Low) below which it could extend losses to 1.0992 (July 9 Low) levels.
EUR/USD rises from 1.1055
The EUR/USD pair trades 0.60% at fresh session highs of 1.1105, extending its recovery from 1.0992 levels. The European currency gained support across the board from optimism that the last attempt to find common ground between Greece and its international creditors.
Greece has proposed to cut military spending by €100 million in 2015 and by €200 million next year, reforming and improving tax collection and fighting tax evasion, and will go ahead with the privatization of certain state assets, including regional airports and ports.
Greece is hoping to receive approximately €53.5 billion in rescue funds needed to prevent complete bankruptcy of the cash-strapped nation and its exit from the euro area.
Traders await Federal Reserve Chair Janet Yellen's speech later today amid a data-empty EUR-calendar.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1118 (July 3 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.1055 (Today’s Low) below which it could extend losses to 1.0992 (July 9 Low) levels.