FXStreet (Edinburgh) – The upside momentum in the shared currency is now losing some steam, pushing EUR/USD to challenge daily lows in the 1.1120 area.
EUR/USD focused on Greece, data
Greece will remain in the forefront of today’s catalysts in light of the meeting between PM A.Tsipras and EC Head J.C.Juncker, looking to unlock the ongoing debt talks ahead of key repayments in the upcoming days.
Data wise in Euroland, Services PMIs area due followed by EMU’s Retail Sales in April (0.7% exp.) and the Unemployment Rate (11.2% exp.), all preceding the ECB monetary policy meeting and Draghi’s press conference afterwards. Across the pond, the ISM Non manufacturing, ADP Employment Change and the Fed’s Beige Book will be the salient points.
EUR/USD levels to watch
The pair is retreating 0.14% at 1.1134 and a breach of 1.0915 (low Jun.2) would target 1.0887 (low Jun.1) en route to 1.0867 (low May 28). On the flip side, the initial hurdle lines up at 1.1194 (high Jun.2) ahead of 1.1200 (psychological level) and then 1.1208 (high May 22).
(Market News Provided by FXstreet)