FXStreet (Edinburgh) – Despite the ongoing recovery, EUR/USD still remains in the red territory as uncertainty around Greece continues to linger.
EUR/USD focus on EU Summit, ignores data
The effects of the recent ‘No’ victory in Greece continues to hover over the global markets at the beginning of the week, albeit spot seems to struggle to overcome the mid-1.10s on a more convincing basis.
With the EU Leaders Summit due tomorrow as the exclusive catalyst for the pair’s price action, today’s releases in the euro area passed largely unnoticed: German Factory Orders contracted at a seasonally adjusted 0.2% MoM in May, while Investor Confidence tracked by the Sentix index improved to 18.5 for the current month.
EUR/USD levels to consider
The pair is now retreating 0.28% at 1.1064 with the next support at 1.0970 (low Jul.6) followed by 1.0955 (low Jun.29) and finally 1.0900 (psychological level). On the other hand, a breakout of 1.1100 (psychological level) would open the door to 1.1171 (high Jul.1) and then 1.1234 (high Jun.24).
(Market News Provided by FXstreet)