FXStreet (Mumbai) – The bid tone on the common currency strengthened in the early European session, taking the EUR/USD pair higher to 1.1276 levels.
EUR/USD focus on Greece and yield spread
The Euro traders would continue to track the Greek deal developments. The latest reports from Greece shows deposit outflows from Greece at EUR 2 billion for June. However, the pair has ignored the data and cheered the news that the ECB would continue with the ELA until Greece defaults on its payments.
Meanwhile, the traders would also keep an eye on the US-German 10-year yield spread, which continues to hover around 152 basis points. The spread has improved from the low of 145 basis points seen last week, thereby capping gains in the pair.
EUR/USD Technical Levels
The pair currently trades at 1.1266, with the immediate resistance located at 1.1293, above which the pair could target 1.1330. On the flip side, a break below 1.1228 could push the pair down to 1.1150.
(Market News Provided by FXstreet)