11 May 2015
EUR/USD unmotivated on Eurogroup
FXStreet (Edinburgh) - The shared currency is now attempting some reaction following the Eurogroup Q&A session, with EUR/USD testing the 1.1165/70 band.
EUR/USD capped by 1.1200
The pair was unable to re-visit session tops in the 1.1200 neighbourhood posted overnight, keeping the trade entrenched in the negative territory and meandering a narrow range between 1.1140 and 1.1170.
Spot has shown no reaction following the Eurogroup-Greece statement, although to put it simple: Greece still needs to do more (like a lot more) in order to unlock further bailout funds. Regarding the likelihood of a referendum in Greece, Eurogroup’s Head J.Dijsselbloem argued that it is up to the Greek government to decide, while both parties acknowledged at the same time that Greek liquidity conditions will worsen as days go by without any solution.
EUR/USD levels to watch
The pair is now losing 0.36% at 1.1163 with the initial support at 1.1100 (psychological level) followed by 1.1066 (low May.5) and finally 1.0959 (low Apr.29). On the flip side, a breakout of 1.1207 (high May 11) would target 1.1290 (high May 8) en route to 1.1370 (high May.6).
EUR/USD capped by 1.1200
The pair was unable to re-visit session tops in the 1.1200 neighbourhood posted overnight, keeping the trade entrenched in the negative territory and meandering a narrow range between 1.1140 and 1.1170.
Spot has shown no reaction following the Eurogroup-Greece statement, although to put it simple: Greece still needs to do more (like a lot more) in order to unlock further bailout funds. Regarding the likelihood of a referendum in Greece, Eurogroup’s Head J.Dijsselbloem argued that it is up to the Greek government to decide, while both parties acknowledged at the same time that Greek liquidity conditions will worsen as days go by without any solution.
EUR/USD levels to watch
The pair is now losing 0.36% at 1.1163 with the initial support at 1.1100 (psychological level) followed by 1.1066 (low May.5) and finally 1.0959 (low Apr.29). On the flip side, a breakout of 1.1207 (high May 11) would target 1.1290 (high May 8) en route to 1.1370 (high May.6).