26 May 2015
EUR/USD recovers to 1.0920
FXStreet (Mumbai) - The EUR/USD pair witnessed a technical recovery to 1.0920 from the session low of 1.0883 ahead of the critical US durable goods orders report in the US.
EUR recovers on news Greece may not default
The shared currency received support after Reuters quoted a German official saying “encouraging Greece has signalled a desire to pay IMF on June 5.” This suggests the markets would not have to face a default situation with Greece around June 5.
Meanwhile, the attention now shifts to the US economic data, which could show the durable goods orders contracted in April, while the services activity maintained its pace of expansion in April.
EUR/USD Technical Levels
The pair now trades at 1.0919, with the immediate support at the daily low of 1.0883, under which the pair could drop to a major support seen at 1.0845 (61.8% R of 1.0461-1.1465). On the other hand, a break above 1.0963 (50% R of 1.0461-1.1465) could see the pair re-test 1.10 levels.
EUR recovers on news Greece may not default
The shared currency received support after Reuters quoted a German official saying “encouraging Greece has signalled a desire to pay IMF on June 5.” This suggests the markets would not have to face a default situation with Greece around June 5.
Meanwhile, the attention now shifts to the US economic data, which could show the durable goods orders contracted in April, while the services activity maintained its pace of expansion in April.
EUR/USD Technical Levels
The pair now trades at 1.0919, with the immediate support at the daily low of 1.0883, under which the pair could drop to a major support seen at 1.0845 (61.8% R of 1.0461-1.1465). On the other hand, a break above 1.0963 (50% R of 1.0461-1.1465) could see the pair re-test 1.10 levels.