FXStreet (Mumbai) – The shared currency remains strongly bid versus the US dollar in the late-Asian trades, with EUR/USD kissing 1.14 handle. The European currency benefitted the most across the FX board in Asia largely after the latest Greece update which boosted the EUR bulls further while markets anticipate a deal to be struck between Greece and its creditors at the a top-level meeting among EU leaders due later today.
Greece in focus
The EUR/USD pair trades 0.40% higher at fresh session highs of 1.1400, retreating from session lows reached at 1.1359. The EUR/USD pair received a fresh impetus after the chief-of-staff to European Commission President Jean-Claude Juncker optimistic comments on Greece’s latest proposal submitted.
The major climbed higher and toys around 1.14 handle as renewed hopes of a Greek deal to be clinched at the 11th hour meeting between Euro group and Greek officials following weeks of broken-down talks over Greece’s debt.
Greece’s Finance Minister Yanis Varoufakis wrote on his blog over the weekend, “At this, the 11th hour, stage of the negotiations, before uncontrollable events take over, we have a moral duty, let alone a political and an economic one, to overcome this impasse. This is no time for recriminations and accusations. European citizens will hold collectively responsible all those of us who failed to strike a viable solution.”
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1438 (June 18 High) levels, above which gains could be extended to 1.1450 levels. On the flip side, support is seen at 1.1359 (Today’s Low) below which it could extend losses to 1.1329 (June 18 Low) levels.
(Market News Provided by FXstreet)