23 Jul 2015
EUR/USD up: Greek lawmakers passing the reforms for bailout
FXStreet (Guatemala) - EUR/USD is currently trading 1.0936 with a high of 1.0946 and a low of 1.0921.
EUR/USD has ticked higher on the confirmation of the Greek lawmakers voting yes 229 and no 63 which secures enough votes to pass second package of reforms for the bailout deal.
EUR/USD has been better bid from 1.0870 lows post London closing overnight where a bullish hammer emerged. The price had rallied from 1.0810 at the bottom of the several day decent from the 1.1030's that was a revisit of the downside from the late June downtrend at the mid 1.14's.
In respect of Greece, the EUR 86b package reforms have been approved in the last hour in Athens in order to repay the debts, recapitalize the banks and make interest payments and at the same time, the ECB has increased its emergency cash injection of EUR900m just hours before the voting took place. Once again there was unrest in athens as the public protested agains further austerity measures.
Technically, we are some way off the yearly lows but the bearishness prevails with the recent test of the 1.08 handle as a fresh low since May. Valeria Bednarik, chief analyst at FXStreet noted also that the short term picture continues to favor the downside. "The 1 hour chart shows that the price extended below a now bearish 20 SMA, after failing to break above the 200 SMA, whilst the technical indicators maintain their bearish slopes below their mid-lines. "In the 4 hours chart, the pair bounced from a mild bullish 20 SMA, whilst the technical indicators regaining the upside after approaching their mid-lines, limiting chances of a stronger decline as long as buyers continue to surge in the 1.0850/60 region."
EUR/USD has ticked higher on the confirmation of the Greek lawmakers voting yes 229 and no 63 which secures enough votes to pass second package of reforms for the bailout deal.
EUR/USD has been better bid from 1.0870 lows post London closing overnight where a bullish hammer emerged. The price had rallied from 1.0810 at the bottom of the several day decent from the 1.1030's that was a revisit of the downside from the late June downtrend at the mid 1.14's.
In respect of Greece, the EUR 86b package reforms have been approved in the last hour in Athens in order to repay the debts, recapitalize the banks and make interest payments and at the same time, the ECB has increased its emergency cash injection of EUR900m just hours before the voting took place. Once again there was unrest in athens as the public protested agains further austerity measures.
Technically, we are some way off the yearly lows but the bearishness prevails with the recent test of the 1.08 handle as a fresh low since May. Valeria Bednarik, chief analyst at FXStreet noted also that the short term picture continues to favor the downside. "The 1 hour chart shows that the price extended below a now bearish 20 SMA, after failing to break above the 200 SMA, whilst the technical indicators maintain their bearish slopes below their mid-lines. "In the 4 hours chart, the pair bounced from a mild bullish 20 SMA, whilst the technical indicators regaining the upside after approaching their mid-lines, limiting chances of a stronger decline as long as buyers continue to surge in the 1.0850/60 region."