8 Jul 2015
EUR/USD spikes to 1.1060 on Greece news, back at 1.1040
FXStreet (Mumbai) - The single currency kept its upbeat momentum intact and extends gains versus the US dollar in the European morning, pushing EUR/USD further towards 1.11 barrier. The major jumped to fresh session highs beyond 1.1050 after news crossed the wires that Greek government has submitted the new ESM Loan request, reviving hopes of a Greek deal to be reached soon.
Greece in focus
The EUR/USD pair trades 0.19% at 1.1035, retracing from session highs reached at 1.1060. The major climbed further after the latest chatter that Greece bailout request submission has finally been made.
Euro group President Jeroen Dijsselbloem had said on Tuesday that Greece will submit a new proposal to the European Stability Mechanism after which the country's bailout institutions will quickly move to restart the process aimed at providing Greece with a financing deal.
Moreover, the EUR/USD pair also remained supported this session as traders booked profits on their EUR shorts after the recent slump fuelled by lack of progress on the Greece front at yesterday’s Euro group meetings.
Moreover, with a lack of fundamentals on the EU macro front, the news feed from Greece will dominate the headlines. While markets now shift their focus towards FOMC minutes due later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1095 (July 6 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.0975 (Today’s Low) below which it could extend losses to 1.0953 (June 29 Low) levels.
Greece in focus
The EUR/USD pair trades 0.19% at 1.1035, retracing from session highs reached at 1.1060. The major climbed further after the latest chatter that Greece bailout request submission has finally been made.
Euro group President Jeroen Dijsselbloem had said on Tuesday that Greece will submit a new proposal to the European Stability Mechanism after which the country's bailout institutions will quickly move to restart the process aimed at providing Greece with a financing deal.
Moreover, the EUR/USD pair also remained supported this session as traders booked profits on their EUR shorts after the recent slump fuelled by lack of progress on the Greece front at yesterday’s Euro group meetings.
Moreover, with a lack of fundamentals on the EU macro front, the news feed from Greece will dominate the headlines. While markets now shift their focus towards FOMC minutes due later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1095 (July 6 High) levels, above which gains could be extended to 1.1156 (May 20 High) levels. On the flip side, support is seen at 1.0975 (Today’s Low) below which it could extend losses to 1.0953 (June 29 Low) levels.