13 Jul 2015
EUR/USD drops further, ELA unchanged
FXStreet (Edinburgh) - The common currency is now testing fresh daily lows vs. the greenback, dragging EUR/USD to as low as the 1.1040/35 band.
EUR/USD weaker on ECB’s ELA
Spot retreated further after the European Central Bank left unchanged its provision of funding to the Greek banks under the ELA mechanism at €89 billion at today’s critical meeting. The decision was closely watched by market participants following the recent agreement between Greece and the EU institutions.
Nothing of note in the data space in Euroland today, although Greece will remain in the centre of the debate as traders keep digesting the recent events.
EUR/USD levels to consider
The pair is now down 1.04 % at 1.1048 with the next support at 1.1030 (low Jul.10) ahead of 1.1000 (psychological level) and finally 1.0974 (low Jul.8). On the other hand, a breakout of 1.1198 (high Jul.13) would target 1.1217 (high Jul10) en route to 1.1234 (high Jun.24).
EUR/USD weaker on ECB’s ELA
Spot retreated further after the European Central Bank left unchanged its provision of funding to the Greek banks under the ELA mechanism at €89 billion at today’s critical meeting. The decision was closely watched by market participants following the recent agreement between Greece and the EU institutions.
Nothing of note in the data space in Euroland today, although Greece will remain in the centre of the debate as traders keep digesting the recent events.
EUR/USD levels to consider
The pair is now down 1.04 % at 1.1048 with the next support at 1.1030 (low Jul.10) ahead of 1.1000 (psychological level) and finally 1.0974 (low Jul.8). On the other hand, a breakout of 1.1198 (high Jul.13) would target 1.1217 (high Jul10) en route to 1.1234 (high Jun.24).