5 Jun 2015
EUR/USD: Greece spoils bulls party, 1.12 gives up
FXStreet (Bali) - EUR/USD continues to lose ground ahead of the Tokyo open, following a key daily bearish reversal signal given on the daily, following the filling of stop loss orders from weak-handed sellers at 1.1350+.
Greece to miss IMF payment, bad signs
The chaotic Greek debt situation, with the latest chapter being failure to meet its IMF payment obligations on June 5th, after asking to bundle them up, has not been helping sentiment towards the Euro. EU official said bundling of Greek debt payments was a bad sign. Greek PM Tspiras is set to brief parliament on the ongoing debt negotiations on Friday at 6pm Athens time.
EUR/USD technicals
Chris Capre, Founder at 2ndSkies, provides his view on the EUR/USD, noting that the pair "sold off for 16 hours dropping almost handles in the process, a pretty impulsive reversal of the recent bullish price action and I'm expecting some further losses before bids step back in."
Capre adds: "My sense is most likely we are heading back to the RRL - role reversal level at 1.1070 which may be a solid buy setup. If this holds, then we'll likely see a round trip back up to 1.1260 and perhaps 1.1380. A daily close below here means a likely trip back to 1.09 or lower."
Greece to miss IMF payment, bad signs
The chaotic Greek debt situation, with the latest chapter being failure to meet its IMF payment obligations on June 5th, after asking to bundle them up, has not been helping sentiment towards the Euro. EU official said bundling of Greek debt payments was a bad sign. Greek PM Tspiras is set to brief parliament on the ongoing debt negotiations on Friday at 6pm Athens time.
EUR/USD technicals
Chris Capre, Founder at 2ndSkies, provides his view on the EUR/USD, noting that the pair "sold off for 16 hours dropping almost handles in the process, a pretty impulsive reversal of the recent bullish price action and I'm expecting some further losses before bids step back in."
Capre adds: "My sense is most likely we are heading back to the RRL - role reversal level at 1.1070 which may be a solid buy setup. If this holds, then we'll likely see a round trip back up to 1.1260 and perhaps 1.1380. A daily close below here means a likely trip back to 1.09 or lower."