FXStreet (Mumbai) – The EUR/USD pair withered a minor wobble in the European session and managed to sustain above 1.12 handle despite the consistent Greek deal no deal drama.
Weak US data supports EUR
The pair managed to rise to 1.1230 after the NY empire state manufacturing index printed at -1.98, missing the expected 5.20 by a big margin. The weak data weighed over the US dollar. However, the gains in the pair are being capped by even increasing threat of Grexit.
The upside has also been capped by widening of the US-German 10-year yield spread, which currently hovers at 153 basis points, compared to the last week’s low of 145 basis points. Investors now await Draghi speech and the US industrial production number (exp 0.2%) due later today.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1238 (hourly 200-MA), above which gains could be extended to 1.1260 (hourly 100-MA). On the flip side, a break below 1.1188 (daily low) could push the pair down to 1.1150.
(Market News Provided by FXstreet)