10 Jul 2015
EUR/USD looks to Greece for direction
FXStreet (Edinburgh) - After bottoming out in the boundaries of the key support at 1.0900 during the first half of the week, EUR/USD has regained traction and is now managing to close the week with marginal gains, enough at least to revert the last two weeks in red.
Focus on Eurogroup and EU Summit
Barring a negative surprise in today’s Greek Parliament, all points to an agitated and decisive Eurogroup meeting tomorrow, where the EU institutions and Greece will try to finally struck a deal on the Greek debt, in which case the EU Summit initially scheduled on Sunday might not be necessary.
In spite of the initial scepticism in German officials, the optimism on a deal finally took the pair to the 1.1200 neighbourhood, albeit losing some upside momentum afterwards and prompting the pair to return to the 1.1130 region, where it is now consolidating as markets draw to a close.
The very near term perspective of the single currency hinges on the events over the weekend, with the interim up barrier at today’s tops near 1.1220 and the initial support around recent lows in the 1.0910/50 band.
Focus on Eurogroup and EU Summit
Barring a negative surprise in today’s Greek Parliament, all points to an agitated and decisive Eurogroup meeting tomorrow, where the EU institutions and Greece will try to finally struck a deal on the Greek debt, in which case the EU Summit initially scheduled on Sunday might not be necessary.
In spite of the initial scepticism in German officials, the optimism on a deal finally took the pair to the 1.1200 neighbourhood, albeit losing some upside momentum afterwards and prompting the pair to return to the 1.1130 region, where it is now consolidating as markets draw to a close.
The very near term perspective of the single currency hinges on the events over the weekend, with the interim up barrier at today’s tops near 1.1220 and the initial support around recent lows in the 1.0910/50 band.