7 Jul 2015
EUR/USD near 1.0920, ‘Grexit’ picks up pace
FXStreet (Edinburgh) - The shared currency keeps losing ground vs. the US dollar on Tuesday, now sending EUR/USD to fresh lows near 1.0920.
EUR/USD weaker on Greece
The pair is testing multi-week troughs in the 1.0920 area during the first half of the week, as unease is gathering further traction amongst traders ahead of the critical EU Summit.
Adding to the downbeat sentiment, several EU officials have made comments favouring Greece leaving the euro bloc, while rumours that the European Central Bank could be ready to act to protect financial stability keep hovering over markets… and hurting the euro.
In the data space, US trade deficit shrunk to $41.87 billion during June vs. $42.60 expected.
EUR/USD levels to consider
The pair is now retreating 1.16% at 1.0927 with the next support at 1.0918 (low Jun.2) followed by 1.0887 (low Jun.1) and finally 1.0819 (low May 27). On the other hand, a breakout of 1.1059 (high Jul.7) would aim for 1.1171 (high Jul.1) and then 1.1234 (high Jun.24).
EUR/USD weaker on Greece
The pair is testing multi-week troughs in the 1.0920 area during the first half of the week, as unease is gathering further traction amongst traders ahead of the critical EU Summit.
Adding to the downbeat sentiment, several EU officials have made comments favouring Greece leaving the euro bloc, while rumours that the European Central Bank could be ready to act to protect financial stability keep hovering over markets… and hurting the euro.
In the data space, US trade deficit shrunk to $41.87 billion during June vs. $42.60 expected.
EUR/USD levels to consider
The pair is now retreating 1.16% at 1.0927 with the next support at 1.0918 (low Jun.2) followed by 1.0887 (low Jun.1) and finally 1.0819 (low May 27). On the other hand, a breakout of 1.1059 (high Jul.7) would aim for 1.1171 (high Jul.1) and then 1.1234 (high Jun.24).