13 Jul 2015
EUR/USD treads water around 1.1140, fresh cues from EU Summit eyed
FXStreet (Mumbai) - The EUR/USD pair steadies on the 1.11 handle in the early European trades, having recovered completely from the EZ-bearish gap to 1.0917 levels. The major keeps mild losses as markets remain cautious awaiting fresh Greece news from the ongoing EU Summit with a compromise proposal in focus.
EUR/USD supported above 1.1100
The EUR/USD pair trades -0.23% lower at 1.1133, retracing from a spike to 1.1152 levels after the Euro zone Summit resumed. The European currency recovered from the overnight bearish gap and swung back higher on 1.11 handle as resumption of EU Summit on Monday early hours offered fresh hopes of a Greek deal to be struck.
While the Euro group meetings and the EU Summit over the weekend resulted in a 72-hour deadline delivered to Greece to implement reforms in exchange for bailout funds from the EU. While Greece and its creditors found a common ground, however the July 15 deadline seems unrealistic for Greece to get approval from the parliament and has left many Greek authorities angered.
Traders monitor Greece updates as Greek talks still continue, with the euro zone's leaders saying they are entering final consultations, so far without a result.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1156 (May 20 High) levels, above which gains could be extended to 1.1215 (July 10 High) levels. On the flip side, support is seen at 1.1055 (July 10 Low) below which it could extend losses to 1.0992 (July 9 Low) levels.
EUR/USD supported above 1.1100
The EUR/USD pair trades -0.23% lower at 1.1133, retracing from a spike to 1.1152 levels after the Euro zone Summit resumed. The European currency recovered from the overnight bearish gap and swung back higher on 1.11 handle as resumption of EU Summit on Monday early hours offered fresh hopes of a Greek deal to be struck.
While the Euro group meetings and the EU Summit over the weekend resulted in a 72-hour deadline delivered to Greece to implement reforms in exchange for bailout funds from the EU. While Greece and its creditors found a common ground, however the July 15 deadline seems unrealistic for Greece to get approval from the parliament and has left many Greek authorities angered.
Traders monitor Greece updates as Greek talks still continue, with the euro zone's leaders saying they are entering final consultations, so far without a result.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1156 (May 20 High) levels, above which gains could be extended to 1.1215 (July 10 High) levels. On the flip side, support is seen at 1.1055 (July 10 Low) below which it could extend losses to 1.0992 (July 9 Low) levels.