FXStreet (Edinburgh) – EUR/USD remains close to the 1.1200 handle amidst the ongoing debate around the Greek debt negotiation.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, has suggested spot “continues to sit on cloud support coming in circa 1.1155 today. The market has recently failed at dense overhead resistance, offered by the five month resistance line, May high and February peak at 1.1441/1.1534. The intraday Elliott counts have become a lot more negative and we will look for a return to the 1.1052 26th March high and the 1.1023 2 month support line.”
Analysts at UOB Group have also noted “In line with expectation, EUR continues to consolidate albeit at a narrower range than expected. The consolidation phase appears incomplete and further sideway trading is likely for today. Expected range; 1.1175/1.1245”.
(Market News Provided by FXstreet)