FXStreet (Edinburgh) – After dropping to daily lows near 1.0880, EUR/USD has not only regained the 1.0900 handle but also marching towards 1.0925/30 so far.
EUR/USD hurt by data, Greece
Mounting concerns surrounding Greece kept undermining any bullish attempt of the single currency on Monday, mainly after EU officials categorically denied rumours on an imminent EU-Greece deal in the European afternoon.
Markets perceived positively today’s set of releases from the US economy, sending the greenback higher and relegating spot to trade back to the 1.0880 region. Auspicious results from the ISM Manufacturing were enough to offset previous soft readings from PCE and Personal Spending during the last month, boosting the demand for the USD at the same time.
EUR/USD levels to watch
The pair is now losing 0.55% at 1.0927 with the next support at 1.0867 (low May 28) ahead of 1.0819 (low May 27) and finally 1.0800 (psychological level). On the upside, a break above 1.0990 (high Jun.1) would target 1.1002 (10-d MA) en route to 1.1010 (high May 25).
(Market News Provided by FXstreet)