FXStreet (Guatemala) – EUR/USD is currently trading at 1.0996 with a high of 1.1015 and low of 1.0987.
EUR/USD has been a busy day on the ticker with markets reacting to the constant flow of Greek updates. Traders are warned of sharp turnarounds on speculations, chatter and noise around the Greek debacle.
EUR/USD fierce price action and Greek driven fundamentals
EUR/USD started off from the region of 1.1040 on the European handover yesterday and due to a lack of urgency from the Greek’s, in that they turned up empty handed without set and clarified new proposals, the markets ran with the risk factor and a Grexit was speculated in the markets.
We were down below the 1.10 handle and testing support at over 1% lower to 1.0920 before recovery was initiated on less negative sentiment throughout the course of London and in to he Us session where EU leaders propped up a bullish outlook for progress towards a deal. Deadlines were set in place for the Athens to submit a proposal by Friday GMT 0830 (Europe) ahead of the EU summit on Sunday.
EUR/USD technically
Analysts at UOB Group explained that while the immediate pressure is on the downside, only a clear break below the 1.0910/15 support would indicate the start of a sustained down-move in EUR in the coming weeks. “Otherwise, a strong rebound from current level cannot be ruled out. In the meanwhile, we continue to hold a neutral view and expect this pair to trade between 1.0915/1.1180 for the next one week or so. The key resistance is at 1.1280.”
(Market News Provided by FXstreet)