31 Jul 2015
EUR/USD trades below 50% retracement of March to May rally
FXStreet (Mumbai) - The EUR/USD spot is moderately higher in the early Asian session, but continues to trade below 1.0964, which is the 50% fib retracement of March to May rally.
Focus on Greece and EZ data
Greece could take the centre stage ahead of the weekend due to the Greek parliament fallouts and the IMF recently saying that they will not back a Greek debt program unless Eurozone creditors reach "explicit and concrete' agreement.
The spot could also be influenced by the Eurozone preliminary CPI data and German retail sales figure. The EZ preliminary core inflation is seen rising 0.8% year-on-year, while German retail sales growth is seen slowing down to 0.3% month-on-month in June from 0.5% in May.
EUR/USD Technical Levels
The spot currently trades at 1.0947; up 0.12% on the day. The immediate resistance is located at 1.0964 (50% fib of Mar-May rally), followed by another resistance at 1.10 handle. On the other hand, support is seen at 1.0892 (previous session’s low) and 1.0817 (May 27 low).
Focus on Greece and EZ data
Greece could take the centre stage ahead of the weekend due to the Greek parliament fallouts and the IMF recently saying that they will not back a Greek debt program unless Eurozone creditors reach "explicit and concrete' agreement.
The spot could also be influenced by the Eurozone preliminary CPI data and German retail sales figure. The EZ preliminary core inflation is seen rising 0.8% year-on-year, while German retail sales growth is seen slowing down to 0.3% month-on-month in June from 0.5% in May.
EUR/USD Technical Levels
The spot currently trades at 1.0947; up 0.12% on the day. The immediate resistance is located at 1.0964 (50% fib of Mar-May rally), followed by another resistance at 1.10 handle. On the other hand, support is seen at 1.0892 (previous session’s low) and 1.0817 (May 27 low).