26 Jun 2015
EUR/USD slips below 1.1200
FXStreet (Mumbai) - The shared currency extends its downside momentum versus the US dollar in the Asian morning, now pushing EUR/USD to fresh session lows below 1.12 handle. The European currency came under renewed selling pressure as markets continue to weigh Greek impasse after another round of failed talks at Euro group on Thursday while USD strength dominates across the FX board.
EUR/USD rejected at 1.1204
The EUR/USD pair trades -0.19% lower at fresh session lows of 1.1180, unable to sustain above 1.1200. The offered tone in the EUR/USD pair was maintained in the early Asian trades with overall market sentiment hurt by never-ending Greek saga.
The Greece story continues, with creditors rejecting a proposed deal by Greece and instead handing them a revised set of proposals that need to be met to unlock additional bailout funds. The Euro group meeting was ’indefinitely’ suspended on Thursday.
Moreover, a generalized strength seen in the greenback as traders digest a batch of US economic data released yesterday with the key PCE price index and weekly claims coming in line with market expectations, boosting the USD bulls.
Looking ahead to the US session, traders will mostly focus on US consumer sentiment data amid a data-thin EUR calendar while Greece headline will remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1250 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1154 (June 24 Low) below which it could extend losses to 1.1134 (June 23 Low) levels.
EUR/USD rejected at 1.1204
The EUR/USD pair trades -0.19% lower at fresh session lows of 1.1180, unable to sustain above 1.1200. The offered tone in the EUR/USD pair was maintained in the early Asian trades with overall market sentiment hurt by never-ending Greek saga.
The Greece story continues, with creditors rejecting a proposed deal by Greece and instead handing them a revised set of proposals that need to be met to unlock additional bailout funds. The Euro group meeting was ’indefinitely’ suspended on Thursday.
Moreover, a generalized strength seen in the greenback as traders digest a batch of US economic data released yesterday with the key PCE price index and weekly claims coming in line with market expectations, boosting the USD bulls.
Looking ahead to the US session, traders will mostly focus on US consumer sentiment data amid a data-thin EUR calendar while Greece headline will remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1250 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1154 (June 24 Low) below which it could extend losses to 1.1134 (June 23 Low) levels.