FXStreet (Mumbai) – The shared currency recovered most losses versus the US dollar in the European morning trades, with EUR/USD now retesting 1.12 handle. The European currency swung back higher from lows as Greece concerns eased a bit after German Chancellor Merkel confirmed Euro group meeting on Saturday. While US dollar keeps mild gains, retreating from session highs versus its major competitors.
EUR/USD rises from 1.1179
The EUR/USD pair trades flat at 1.1199, recovering from fresh session lows of 1.1179. The major reversed losses as Merkel’s comments, citing that Saturday’s Euro group meeting is of ‘decisive importance’ for Greek deal, boosted investors’ sentiments somewhat.
The Greece story continues, with creditors rejecting a proposed deal by Greece and instead handing them a revised set of proposals that need to be met to unlock additional bailout funds. The Euro group meeting was ’indefinitely’ suspended on Thursday.
Looking ahead to the US session, traders will mostly focus on US consumer sentiment data amid a data-thin EUR calendar while Greece headline will remain in focus.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1250 levels, above which gains could be extended to 1.1281 (June 5 High) levels. On the flip side, support is seen at 1.1154 (June 24 Low) below which it could extend losses to 1.1134 (June 23 Low) levels.
(Market News Provided by FXstreet)