19 Jun 2015
EUR/USD tests 1.1300, ‘Grexit’ picks up pace
FXStreet (Edinburgh) - The offered tone around the common currency is now gathering further traction, sending EUR/USD to test fresh lows in the vicinity of 1.1300 the figure.
EUR/USD weaker on Greek concerns
The fragile situation in Greece and the pessimism surrounding the debt negotiations keep weighing on sentiment, particularly after Thursday’s fiasco at the Eurogroup meeting, where practically no progress has been made.
The focus of attention is now shifting to the Greek banking system, as recent comments by EU officials were mentioning the possibility that Greek banks could not open on Monday, all amidst rumours of capital controls and an increased pace of cash withdrawals. The ECB Council will hold a meeting today regarding yesterday’s request from the Bank of Greece to obtain additional liquidity via the ELA mechanism (around €3.5 billion).
EUR/USD key levels
As of writing the pair is retreating 0.34% at 1.1320 and a breach of 1.1306 (low Jun.18) would target 1.1300 (psychological level) en route to 1.1206 (low Jun.17). On the flip side, the initial up barrier lines up at 1.1402 (high Jun.19) ahead of 1.1437 (high Jun.18) followed by 1.1450 (high May 18).
EUR/USD weaker on Greek concerns
The fragile situation in Greece and the pessimism surrounding the debt negotiations keep weighing on sentiment, particularly after Thursday’s fiasco at the Eurogroup meeting, where practically no progress has been made.
The focus of attention is now shifting to the Greek banking system, as recent comments by EU officials were mentioning the possibility that Greek banks could not open on Monday, all amidst rumours of capital controls and an increased pace of cash withdrawals. The ECB Council will hold a meeting today regarding yesterday’s request from the Bank of Greece to obtain additional liquidity via the ELA mechanism (around €3.5 billion).
EUR/USD key levels
As of writing the pair is retreating 0.34% at 1.1320 and a breach of 1.1306 (low Jun.18) would target 1.1300 (psychological level) en route to 1.1206 (low Jun.17). On the flip side, the initial up barrier lines up at 1.1402 (high Jun.19) ahead of 1.1437 (high Jun.18) followed by 1.1450 (high May 18).