6 Jul 2015
EUR/USD finds support around 1.1000
FXStreet (Edinburgh) - The common currency remains unable to gather further traction now, with EUR/USD returning to 1.1030 after bouncing off the 1.1000 neighbourhood.
EUR/USD focus on ECB’s ELA
Spot remains on the back footing following comments by EU’s Dombrovskis, who argued that the recent results in the Greek referendum have widened the gap between Greece and other EU members.
In addition, the ECB will hold a meeting later regarding its ELA mechanism to aid the Greek banking system, which faces an extension of the bank holidays for several extra days.
Data wise on the USD-side, Markit’s Services PMI came in at 54.8 for the month of June, unchanged from May and the ISM Non Manufacturing at 56 vs. 56.3 expected.
EUR/USD levels to consider
The pair is now retreating 0.50% at 1.1040 with the next support at 1.0970 (low Jul.6) followed by 1.0955 (low Jun.29) and finally 1.0900 (psychological level). On the other hand, a breakout of 1.1100 (psychological level) would open the door to 1.1171 (high Jul.1) and then 1.1234 (high Jun.24).
EUR/USD focus on ECB’s ELA
Spot remains on the back footing following comments by EU’s Dombrovskis, who argued that the recent results in the Greek referendum have widened the gap between Greece and other EU members.
In addition, the ECB will hold a meeting later regarding its ELA mechanism to aid the Greek banking system, which faces an extension of the bank holidays for several extra days.
Data wise on the USD-side, Markit’s Services PMI came in at 54.8 for the month of June, unchanged from May and the ISM Non Manufacturing at 56 vs. 56.3 expected.
EUR/USD levels to consider
The pair is now retreating 0.50% at 1.1040 with the next support at 1.0970 (low Jul.6) followed by 1.0955 (low Jun.29) and finally 1.0900 (psychological level). On the other hand, a breakout of 1.1100 (psychological level) would open the door to 1.1171 (high Jul.1) and then 1.1234 (high Jun.24).