The EUR/USD pair fell down to 1.1094 with the European opening, with the common currency weighed by Greece entering officially into default. Nevertheless, the latest letter from Athens making the rounds, shows that Tsipras is "prepared to accept this Staff Level Agreement subject to the following amendments, additions or clarifications." The pair bounced up to 1.1162 on the first sentence, but those "amendments, additions or clarifications" are yet to be seen.
Earlier in the day, European PMI's for June came out mixed, with German reading at 51.9 and the EU figure at 52.5, both matching market expectations. Italian and Spanish readings however, missed expectations. Later on in the day, the US will release its own manufacturing PMI along with the ADP survey ahead of tomorrow's Nonfarm Payroll report
View live chart of the EUR/USD
Technically, the EUR/USD trades with a slightly positive tone, having erased all of its intraday losses. The 4 hours char shows that the price has advanced above its 20 SMA, whilst the technical indicators stand in positive territory, although with a limited upward strength. The key resistance stands at 1.1200 in the short term, with gains above it favoring advances towards 1.1245 and 1.1290 later, whilst renewed selling pressure below 1.1120 should see the pair down to 1.1080, in route to 1.1050.
Latest updates on the EUR/USD Forecast
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