The EUR/USD pair is in recovery mode, having advanced up to 1.1124, after being as low as 1.0954 at the beginning of the day. The escalating Greek crisis over the weekend, with Tsipras decision to breakout all negotiations and call for a referendum, Draghi maintaining the ELA at Friday's levels, and Varoufakis imposing capital controls, was behind the bearish opening gap.
Investors run towards safe-havens, with strong demand of JPY and CHF and limited one on Gold, that has jumped towards 1,190 but erased most of its early gains. As for the CHF, the SNB governor Jordan, has announced an early intervention, to prevent further appreciation of the Swissy, backing up the latest EUR demand.
View live chart of the EUR/USD
The 4 hours chart for the pair shows that it is now struggling to hold above the 1.1100 figure, whilst the technical indicators have barely corrected extreme oversold conditions, and are now losing their upward strength well into negative territory. In the same chart, the 20 SMA maintains a strong bearish slope above the current price, limiting advances around 1.1160, Friday's close.
Should the price extend beyond 1.1124, the mentioned daily high, there's a good chance the pair will fill the gap and advance up to the mentioned 1.1160 level, where selling interest is expected to resume. The immediate support on the other hand, comes at 1.1050, with a break below signaling a downward extension towards 1.1000 first, and 1.0960 later on in the day.
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