EUR/USD recovery capped at 1.1090; back to 1.1050

FXStreet (Barranquilla) – The recovery from 1.1000 performed by the Euro against the US Dollar has been capped at the 1.1090 area as the EUR/USD tested the daily highs posted earlier in the Asian session. Currently, EUR/USD is trading at 1.1049, down 0.43% on the day, having posted a daily high at 1.1096 and low at 1.0970.

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is strongly bearish.

The Euro is trading under pressure following the NO-victory in Greece. German Chancellor Angela Merkel and French President Francois Hollande, however, affirmed that the doors are still open for new Greek proposals.

EUR/USD Forecast

According to the EUR/USD Forecast Poll, “Greece is too heavy for the Euro” as the FXpoll “expects the EUR/USD to fall below 1.1000 next week.” In the same line, Yohay Elam from ForexCrunch also commented that the NO vote just worsened the Euro outlook.

EUR/USD Levels

If the EUR/USD extends declines below 1.1050, it would find supports at 1.1000 and 1.0970. To the upside, resistances are at 1.1090, 1.1100 and 1.1120.

The recovery from 1.1000 performed by the Euro against the US Dollar has been capped at the 1.1090 area as the EUR/USD tested the daily highs posted earlier in the Asian session.

(Market News Provided by FXstreet)