FXStreet – to 2-week low of 1,1122 it came to a soil formation with a subsequent consolidation of the downward movement of the EUR/USD, while the bears on the next downward movement under the 1.11 prepare.
GBP/USD selling with the Greek debt drama
The Pair extending its bearish momentum on the 4. Day in a row, and the downward movement in the night accelerates, after it was reported that Greece faces default, if the lender is a debt relief is not agree to.
The downward movement in the EUR/USD was driven by the weakness of other couples. The EUR/JPY had to suffer both under the Greek headlines as well as the broad strength of the Yen. The Yen benefited from its safe haven Status in the context of uncertainty before UK election, and the headlines about North Korea.
Today, the focus is on the CPI in Germany and the US economic data. From the US, the Fed’s preferred Inflation awaits us in the Form of the PCE, and add to the expenditure of private and consumer sentiment.
EUR/USD technical levels
Karen Jones, head of FICC Technical analysis at Commerzbank, notes: “EUR/USD is experiencing downward correction, The Euro has begun from the February High in the field of 1,1300. We expect in the short term, with a continuation of the weakness. Setbacks, however, should take in the area of short-term upward trend of 1,1009 on a support and the market remains long term bullish, since this is only a closing price below this level in question.“
“Rallies are pushed to the 1,1235, 1,1268 and 1.1300 resistance. Uarüber is the middle of 2016 High in the area of 1,1400. We assume, however, that the Couple will have a long-term fight. In 1,1343 we have yet to see the 78,6% Retracement,” adds Karen.
** FXStreet News Editorial, FXStreet**