EUR/USD: First inter-bank quotes below 1.10

FXStreet (Bali) - The first inter-bank quotes in EUR/USD ahead of the Sydney market open show the pair trading below 1.10, presently stable at 1.0971/1.0979 as the victory of the 'No' vote in the Greek referendum appears a done deal.

'No' vote means Grexit?

Ani Salama, US manager at FXStreet, wrote in a special report: "A ‘No’ vote would significantly increase the odds of a Grexit, but not imminently. The consequences are difficult to be measured and much will depend on how the Greek government seizes this outcome."

EUR/USD outlook ahead of Asia open

A notorious risk-off sentiment is likely to persist at the open of Asian trade should the 'No' vote win as its expected, with uncharted/unknown territory in the Greek drama (huge uncertainty ahead) to keep the Euro under pressure. There remains key questions to answer now, including whether or not a continuation of bailout talks will resume anytime soon, Greek banks closure and a possible Greek default on the ECB on July 20th if no compromise. The pair is probably going to accelerate its decline towards June 29 low at 1.0950 (also weekly S1) ahead of 1.0920 to 1.0880, early June levels that should act as reference for support/take profit.

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