FXStreet (Edinburgh) – With the Greek frenzy already gone, EUR/USD is now looking to stabilize in the 1.1135/30 band.
EUR/USD down from 1.1200
After an abrupt climb to the boundaries of 1.1200 the figure catapulted by rumours of an imminent deal between Greece and its EU creditors, the upside in spot lost some vigour along with comments by, amongst others, Eurogroup’s Head J.Dijsselbloem, who stressed that the progress in the negotiations are slow and a deal this week remains highly unlikely.
On the data space, US Factory Orders surprised investors to the downside after contracting 0.4% from March to April, missing forecasts for a flat print and coming down from the previous 2.1% advance.
EUR/USD levels to watch
The pair is gaining 1.81% at 1.1126 with the next resistance at 1.1194 (high Jun.2) ahead of 1.1200 (psychological level) and then 1.1208 (high May 22). On the flip side, a breach of 1.0915 (low Jun.2) would target 1.0887 (low Jun.1) en route to 1.0867 (low May 28).
(Market News Provided by FXstreet)