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Home » Uncategorized » EUR/USD around 1.1240, Greek default sounds closer

EUR/USD around 1.1240, Greek default sounds closer

The shared currency has recovered levels beyond the 1.1200 handle vs. the US dollar on Friday, taking EUR/USD back to the 1.1240/45 band.

EUR/USD focuses on Greece, US sentiment

The pair remains entrenched in the negative territory today amidst rising concerns on a Greek default and mounting rumours of the likeliness that Greece could be forced to leave the euro bloc, all against the backdrop of persistent (and wide) differences between both parties.

In another direction spot remained apathetic after US producer prices rose 0.5% on a monthly basis during May, while contracted 1.1% on an annualized basis. Core prices came in at 0.1% MoM and 0.6% over the last twelve months. Next of relevance will be the Reuters/Michigan index, expected at 91.5 for the current month vs. 90.7 previous.

EUR/USD key levels

As of writing the pair is losing 0.34% at 1.1218 with the next support at 1.1151 (low Jun.12) followed by 1.1087 (low Jun.8) and finally 1.1049 (low Jun.5). On the flip side, a breakout of 1.1268 (high Jun.12) would target 1.1334 (high Jun.11) en route to 1.1387 (high Jun.10).
For more information, read our latest forex news.

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