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9 Jul 2015
EUR/USD: Shallow recovery while awaiting Tsipras and Greek proposal
FXStreet (Guatemala) - EUR/USD is currently trading at 1.1024 with a high of 1.1125 and a low of 1.0991.
EUR/USD has been pressured lower on a continuation of dollar strength while we await to hear from the Greek government and outcomes of their work toward new proposals.
EUR/USD price action and technical analyses
EUR/USD has slid down from the 1.1124 highs and wasn't in demand until a cent lower in European and London opening trade. 1.1060 has capped on two occasions and the double top in the minor recovery took out the 1.10 handle to score aforementioned lows. 1.1031 has been the latest high on the rebound.
Despite the volatility, analysts at UOB Group explained, "We continue to view the current movement as part of a broad sideway trading range. In other words, we are still neutral and expect this pair trade to trade in a broad 1.0915/1.1180 range for another week or so."
EUR/USD fundamentals awaiting Greece proposal
Greek reforms are required and we await Tsipras and proposal that has been reported to be delivered to institutions tonight 8pm BST. Merkel has been quiet in the headlines today but had been pessimistic earlier in the week after the Greek talks that has been taking place post the referendum and "no" result. The euro is weak on the back of growing concerns over the implications of a Grexit if a deal cannot be arranged. Analysts at Brown Brothers Harriman explained that the geostrategic significance of a Greek exit is worrisome.
EUR/USD has been pressured lower on a continuation of dollar strength while we await to hear from the Greek government and outcomes of their work toward new proposals.
EUR/USD price action and technical analyses
EUR/USD has slid down from the 1.1124 highs and wasn't in demand until a cent lower in European and London opening trade. 1.1060 has capped on two occasions and the double top in the minor recovery took out the 1.10 handle to score aforementioned lows. 1.1031 has been the latest high on the rebound.
Despite the volatility, analysts at UOB Group explained, "We continue to view the current movement as part of a broad sideway trading range. In other words, we are still neutral and expect this pair trade to trade in a broad 1.0915/1.1180 range for another week or so."
EUR/USD fundamentals awaiting Greece proposal
Greek reforms are required and we await Tsipras and proposal that has been reported to be delivered to institutions tonight 8pm BST. Merkel has been quiet in the headlines today but had been pessimistic earlier in the week after the Greek talks that has been taking place post the referendum and "no" result. The euro is weak on the back of growing concerns over the implications of a Grexit if a deal cannot be arranged. Analysts at Brown Brothers Harriman explained that the geostrategic significance of a Greek exit is worrisome.