FXStreet (Edinburgh) – More of this joke that has become trading EUR/USD as of late, now advancing to multi-day tops near 1.1280.
EUR/USD back from the mid-1.0900s
After hitting 4-week lows near 1.0950 in early trade, spot is performing a three big-figure comeback so far, reverting the initial weakness triggered by Greek developments over the weekend.
Stops triggered beyond 1.1200 the figure plus FX intervention by the SNB in order to avoid excessive CHF appreciation would be behind the strong recovery, all amidst global concerns on the future of Greece in light of Sunday’s referendum.
Data wise in Euroland, Economic Sentiment and Business Climate disappointed investors today, while preliminary inflation figures in Germany missed expectations for the current month.
EUR/USD key levels
At the moment the pair is advancing 0.75% at 1.1245 with the next resistance at 1.1279 (high Jun.29) followed by 1.1283 (high Jun.23) and finally 1.1300 (psychological level). On the other hand, a breach below 1.0954 (low Jun.29) would target 1.0918 (low Jun.2) en route to 1.0900 (psychological level).
(Market News Provided by FXstreet)