15 Jul 2015
EUR/USD slips below 1.1000, Greece in focus
FXStreet (Mumbai) - The EUR/USD pair snapped its side-trend from Asia and fell in to losses in the early European trades, largely as the European currency remains pressured versus the greenback ahead of a Greece parliament vote today on the bailout deal amid a data-quiet EUR calendar.
EUR/USD drops from 1.1007
The EUR/USD pair trades -0.17% lower at fresh session lows of 1.0987, retracing below 1.10 handle. The shared currency came under renewed selling pressure against the US dollar as the European traders sold-off the euro as nervousness prevails ahead of the key Greece vote.
Market remains concerned whether the country's parliament will pass reforms demanded by creditors.
Speculations are also doing rounds that the nation is facing a political crisis that may lead to another snap election as the popularity of Syriza's leader Alexis Tsipras has been waning as he agreed to adopt tough measures in exchange for receiving a third bailout package, despite having promised to end the austerity.
Meanwhile, markets keep an eye on developments surrounding Greece while upcoming Euro group meetings will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (July 7 High) levels, above which gains could be extended to 1.1095 (July 6 High) levels. On the flip side, support is seen at 1.0967 (Today’s Low) below which it could extend losses to 1.0917 (July 7 Low) levels.
EUR/USD drops from 1.1007
The EUR/USD pair trades -0.17% lower at fresh session lows of 1.0987, retracing below 1.10 handle. The shared currency came under renewed selling pressure against the US dollar as the European traders sold-off the euro as nervousness prevails ahead of the key Greece vote.
Market remains concerned whether the country's parliament will pass reforms demanded by creditors.
Speculations are also doing rounds that the nation is facing a political crisis that may lead to another snap election as the popularity of Syriza's leader Alexis Tsipras has been waning as he agreed to adopt tough measures in exchange for receiving a third bailout package, despite having promised to end the austerity.
Meanwhile, markets keep an eye on developments surrounding Greece while upcoming Euro group meetings will also remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1052 (July 7 High) levels, above which gains could be extended to 1.1095 (July 6 High) levels. On the flip side, support is seen at 1.0967 (Today’s Low) below which it could extend losses to 1.0917 (July 7 Low) levels.