FXStreet (Barcelona) – FXStreet Editor and Analyst, Omkar Godbole, sees downside potential for EUR/USD towards 1.1130.
Key Quotes
“At the time of writing, the pair is trading at 1.1190 (50-DMA). The spot filled the entire gap down opening witnessed in the early Asian session on Monday. Consequently, a break below the 50-DMA could trigger another sell-off to 1.1130 (June 26 low). A break below the same could push the pair down to 1.1082-1.1050.”
“On the other hand, a break above 1.1293 (23.6% Fib R of 1.3991-1.0461) would open doors for a re-test of 1.1350. However, the move towards 1.1293 is unlikely as – Greece likely to default today, the SNB may remain on the sidelines after having intervened on Monday. Thus, a downside move to 1.1130 is more likely today.”
(Market News Provided by FXstreet)