FXStreet (Mumbai) – The offers on the EUR have finally pushed the EUR/USD pair below 1.10 levels ahead of the EU summit.
EUR weakens on signs of risk aversion
The common currency is being ditched on signs of Greece-led risk aversion witnessed in the Eurozone bond markets. The safe haven German bunds ticked higher, pushing the yields lower.The benchmark 10-year bund yield is down more than 5 basis points. Meanwhile, the periphery nation’s bond yields are relatively resilient.
The investors remain focused on the EU summit. It remains to be seen if the summit is successful in reaching a deal with Greece after the ECB maintained its ELA unchanged for Greek banks.
EUR/USD Technical Levels
The pair currently trades at 1.0980. The immediate support is seen at 1.0955, under which the next major support is seen at 1.0881 (61.8% Fib R of Apr-May rally). On the other hand, a break above 1.10 could see the pair re-test the daily high at 1.1051.
(Market News Provided by FXstreet)