EUR/USD hovers near 2-month lows

As most pairs in the FX market, EUR/USD is going through a consolidation phase on Wednesday as investors await for fresh developments.

The euro remains near recent lows against the greenback as stocks trade in green across the world and EU-Greek deal providing nothing new.

Eurozone finance ministers and the International Monetary Fund concluded Greece bailout review. Greece will get €10.3 billion in fresh loans, starting with a €7.5 billion installment in the second half of June.

In the data front, data showed US trade deficit rose less than expected in April, coming at $58 billion versus $60.1 of consensus. US Markit services PMI for May is due for the New York session.

EUR/USD technical levels

In terms of technical levels, immediate supports are seen at 1.1132 (May 24 low), 1.1102/00 (200-day SMA/psychological level), 1.1057 (Mar 16 low) and 1.1024 (Mar 7 low). On the other hand, resistances line up at 1.1164 (100-day SMA), 1.1226 (May 24 high), 1.1245 (10-day SMA) and then 1.1315 (50-day SMA/May 18 high).