FXStreet (Mumbai) – The shared currency gave back previous gains and turned deep in red versus the US dollar in mid-Asia, keeping EUR/USD below 1.1200 levels. The European currency was heavily sold-off as markets once again shifted attention towards Greek debt saga with increased bets of a likely Greek default at the repayment deadline expires today.
EUR/USD slips below 1.1200
The EUR/USD pair trades -0.41% lower at 1.1189, hovering close to fresh session lows reached at 1.1182 over last minutes. The major wiped out Monday’s gains and fell back in red as the single currency ran through fresh offers as markets brace for a Greek default following Greece’s rejection to the last -minute deal offer by European Commission Chief Juncker.
On Monday, the major stood resilient and recovered entire losses, filling in the opening gap, largely driven by SNB intervention while traders were hopeful of a deal being reached before today’s deadline in a bid to avert a potential Greek default.
Markets will remain glued on Greece updates while a flurry of key Euro zone data will keep the EUR trader busy in the session ahead. Also, a set of US economic releases will be closely watched for further momentum.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1219 (Today’s High) levels, above which gains could be extended to 1.1279 (June 29 High) levels. On the flip side, support is seen at 1.1154 (June 24 Low) below which it could extend losses to 1.1129 (June 26 Low) levels.
(Market News Provided by FXstreet)