FXStreet (Edinburgh) – The common currency is giving away some of the initial gains and is sending EUR/USD to another test of the key support at 1.0900.
EUR/USD focus on Greece, G7
It appears the pair could not sustain a climb beyond session highs near 1.0930 today, sparking a leg lower to sub-1.0900 levels. In the meantime, Greece and the Brussels Group will resume the debt talks today, amidst increasing concerns on the country’s vulnerability, in particular with the imminent repayments worth around €1.6 billion and today’s news stating that the ECB left unchanged its ELA scheme for Greek banks at €80.2 billion.
Without any releases due in Euroland and the US economy today, Greek headlines and the G7 meeting kicking in today in Dresden will grab all the attention.
EUR/USD levels to consider
As of writing the pair is advancing 0.27% at 1.0902 with the next up barrier at 1.0984 (high May 26) followed by 1.1062 (low May 20) and finally 1.1208 (high May 22). On the downside, a breach of 1.0863 (low May 27) would aim for 1.0860 (low Apr.28) and then 1.0785 (low Apr.24).
(Market News Provided by FXstreet)