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23 Jun 2015
EUR/USD deflates further to 1.1230
FXStreet (Edinburgh) - The offered tone around the European currency is now sending EUR/USD to test fresh lows in the 1.1230/25 band.
EUR/USD subdued ahead of US data
The pair is prolonging its intraday descent at the beginning of the week, following the recent disappointing outcomes in both the Eurogroup meeting and the EU Leaders Summit on Monday. Optimism on a Greece-EU deal seems to remain intact however, while EU and Greek officials showing conviction that an announcement would be imminent.
In the data space, preliminary manufacturing and services PMIs in France, Germany and the EMU have all surpassed expectations for the current month, although failed to spark any bullish attempt in the euro. Next of relevance in the pair will be US Durable Goods Orders, New Home Sales and Markit’s manufacturing PMI.
EUR/USD levels to consider
As of writing the pair is down 0.99% at 1.1227 with the next support at 1.1205 (low Jun.17) followed by 1.1189 (low Jun.15) and then 1.1151 (low Jun.12). On the other hand, a breakout of 1.1349 (high Jun.23) would open the door to 1.1404 (high Jun.22) and finally 1.1421 (high Jun.18).
EUR/USD subdued ahead of US data
The pair is prolonging its intraday descent at the beginning of the week, following the recent disappointing outcomes in both the Eurogroup meeting and the EU Leaders Summit on Monday. Optimism on a Greece-EU deal seems to remain intact however, while EU and Greek officials showing conviction that an announcement would be imminent.
In the data space, preliminary manufacturing and services PMIs in France, Germany and the EMU have all surpassed expectations for the current month, although failed to spark any bullish attempt in the euro. Next of relevance in the pair will be US Durable Goods Orders, New Home Sales and Markit’s manufacturing PMI.
EUR/USD levels to consider
As of writing the pair is down 0.99% at 1.1227 with the next support at 1.1205 (low Jun.17) followed by 1.1189 (low Jun.15) and then 1.1151 (low Jun.12). On the other hand, a breakout of 1.1349 (high Jun.23) would open the door to 1.1404 (high Jun.22) and finally 1.1421 (high Jun.18).