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23 Jun 2015
EUR/USD now stabilizes near 1.1160
FXStreet (Edinburgh) - Today’s sharp pullback in the single currency seems to have found some respite around the 1.1160 region, where EUR/USD is now trying to consolidate.
EUR/USD weaker on Greece
The optimism on an imminent Greece-EU deal has been losing ground since early trade on Tuesday, removing an important tailwind for the recent EUR strong upside. The selling pressure around the common currency gathered further pace during the European morning, and not even higher Bund yields or auspicious prints from manufacturing and services PMIs in core Euroland were able to curb the downside trend.
In addition, the hawkish tone by Fed’s Powell, advocating for a rate hike in September, gave extra legs to the greenback, also accentuating the offered tone in the pair.
All the attention will now be at tomorrow’s Eurogroup meeting, although another revision of the US GDP during the first quarter and inflation figures tracked by the PCE will keep markets entertained across the pond as well.
EUR/USD levels to consider
As of writing the pair is down 1.56% at 1.1162 with the next support at 1.1135 (low Jun.23) followed by 1.1087 (low Jun.8) and then 1.1049 (low Jun.5). On the other hand, a breakout of 1.1349 (high Jun.23) would open the door to 1.1404 (high Jun.22) and finally 1.1421 (high Jun.18).
EUR/USD weaker on Greece
The optimism on an imminent Greece-EU deal has been losing ground since early trade on Tuesday, removing an important tailwind for the recent EUR strong upside. The selling pressure around the common currency gathered further pace during the European morning, and not even higher Bund yields or auspicious prints from manufacturing and services PMIs in core Euroland were able to curb the downside trend.
In addition, the hawkish tone by Fed’s Powell, advocating for a rate hike in September, gave extra legs to the greenback, also accentuating the offered tone in the pair.
All the attention will now be at tomorrow’s Eurogroup meeting, although another revision of the US GDP during the first quarter and inflation figures tracked by the PCE will keep markets entertained across the pond as well.
EUR/USD levels to consider
As of writing the pair is down 1.56% at 1.1162 with the next support at 1.1135 (low Jun.23) followed by 1.1087 (low Jun.8) and then 1.1049 (low Jun.5). On the other hand, a breakout of 1.1349 (high Jun.23) would open the door to 1.1404 (high Jun.22) and finally 1.1421 (high Jun.18).