EUR/USD drops a quick 30 pips on the Greek news

Ross J Burland FXStreet

Currently, EUR/USD is trading at 1.1152, down -0.11% on the day, having posted a daily high at 1.1172 and low at 1.1151.

Greece threatens to opt out of next bailout payment without a debt deal - Bild

EUR/USD has made fresh lows in early Asia in very thin trade from holiday mode markets. EUR is at the lowest level since 19th May in a relatively quick 30 pip move to the downside. There is some noise around Greece coming out of the German press, Bild.

Bild came with the news but not citing sources saying that the Greek government is preparing to possibly go without next bailout payment (amount of EUR 7bn) if creditors cannot agree on debt relief.

EUR/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that the technical picture in the short term favors a downward extension, although it will remain corrective due to ongoing dollar's weakness unless the pair returns to territory sub-1.1000.

EUR/USD 4hr chart

"In the 4 hours chart, technical readings present a neutral-to-bearish stance, with the price contained below a horizontal 20 SMA, and technical indicators heading marginally lower within negative territory," - Bednarik explained.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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