FXStreet (Edinburgh) – The shared currency is markedly lower vs. the greenback following the Asian session on Tuesday, with EUR/USD sidelined in the upper-1.1100s so far.
EUR/USD focus on Greece, EMU data
After an impressive recovery on Monday, the upside in the pair has found tough resistance around 1.1280, sparking a leg lower to the current 1.1185/80 area. In the meantime, Greece continues to drive the global sentiment following yesterday’s announcement that the country will default on today’s IMF repayment, while all the attention now gyrates around the decisive referendum due on Sunday.
Data wise in Euroland, German retail sales expanded 0.5% from April to May, bettering previous estimates. Ahead in the session, German unemployment figures are next followed by EMU’s jobless rate and flash inflation figures for the month of June.
EUR/USD key levels
At the moment the pair is retreating 0.42% at 1.1188 and a breach below 1.0954 (low Jun.29) would target 1.0918 (low Jun.2) en route to 1.0900 (psychological level). On the flip side, the initial hurdle aligns at 1.1279 (high Jun.29) followed by 1.1283 (high Jun.23) and finally 1.1300 (psychological level).
(Market News Provided by FXstreet)