8 Jul 2015
EUR/USD pares gains, trades below 1.1020
FXStreet (Mumbai) - The bid tone on the common currency weakened, taking the EUR/USD pair down below 1.1020 on reports the EU cancelled its conference call and Greece’s ESM funding request shall be reviewed by the Eurogroup working committee.
EUR/USD: Back below hourly 100-MA
The spot is back below the hourly 100-MA level currently located at 1.1047. The hourly 100-MA has acted as a strong resistance, which the pair has repeatedly failed to take out since June 30. The latest reports say that Greek PM Tsipras has promised to make ‘concrete proposals’ within the next few days and has asked for a 3 year bailout program from the ESM.
Ahead in the day, the spot could be influenced by the Greece related news flow and Fed minutes due for release later today.
EUR/USD Technical Levels
The pair currently trades at 1.1017. The immediate support is seen at 1.1015, under which the pair could drop to 1.0975. On the flip side, a break above 1.1047 (hourly 100-MA) could push the pair higher to 1.1089 (hourly 200-MA).
EUR/USD: Back below hourly 100-MA
The spot is back below the hourly 100-MA level currently located at 1.1047. The hourly 100-MA has acted as a strong resistance, which the pair has repeatedly failed to take out since June 30. The latest reports say that Greek PM Tsipras has promised to make ‘concrete proposals’ within the next few days and has asked for a 3 year bailout program from the ESM.
Ahead in the day, the spot could be influenced by the Greece related news flow and Fed minutes due for release later today.
EUR/USD Technical Levels
The pair currently trades at 1.1017. The immediate support is seen at 1.1015, under which the pair could drop to 1.0975. On the flip side, a break above 1.1047 (hourly 100-MA) could push the pair higher to 1.1089 (hourly 200-MA).