10 Jul 2015
EUR/USD jumps to 1.1134
FXStreet (Mumbai) - The EUR/USD pair witnessed a minor spike to 1.1134 in the early European session, after spending much of the Asian session gyrating 1.11 handle.
Greece remains in the spotlight
The Greece related news flow is likely to dominate the European session. The Greeks failed to submit a new proposal on Thursday. It is expected that they will do so today. Apart from that, comments from the Eurozone bigwigs shall continue to become the reason for the volatility in the pair.
Meanwhile, the EUR remains supported by the US-German benchmark 10-year bond yield spread, which has narrowed to 152 basis points from 155-156 basis points seen in the previous session. The German WPI figures released today failed to have any impact on the pair.
EUR/USD Technical Levels
The pair currently trades around 1.1125. The immediate resistance is seen at 1.1134, above which the pair could extend the rally to 1.1170. On the other hand, support is seen at 1.11 and 1.1050 (Mar 26 high).
Greece remains in the spotlight
The Greece related news flow is likely to dominate the European session. The Greeks failed to submit a new proposal on Thursday. It is expected that they will do so today. Apart from that, comments from the Eurozone bigwigs shall continue to become the reason for the volatility in the pair.
Meanwhile, the EUR remains supported by the US-German benchmark 10-year bond yield spread, which has narrowed to 152 basis points from 155-156 basis points seen in the previous session. The German WPI figures released today failed to have any impact on the pair.
EUR/USD Technical Levels
The pair currently trades around 1.1125. The immediate resistance is seen at 1.1134, above which the pair could extend the rally to 1.1170. On the other hand, support is seen at 1.11 and 1.1050 (Mar 26 high).