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10 Jul 2015
EUR/USD little changed after Greek proposals submitted
FXStreet (Guatemala) - EUR/USD is currently trading at 1.1035 with a high of 1.1039 and a low of 1.029.
The Greek government have sent over the new Greek proposals to Brussels and also to the Greek Parliament, which is due to vote on them on Friday. However, it is thought that the new proposals will be a greater sum of money required, some EUR12b and more than the previous EUR8b.
EUR/USD price action and technical analyses
EUR/USD has rebounded on the slid down from overnight trade and the 1.1124 highs. 1.1060 has capped on two occasions on the recovery from below the 1.10 handle. 1.1042 has been the latest high since the Greek proposals being submitted.
Valeria Bednarik, chief analyst at FXStreet explained, "The downside is favored towards the 1.0950/60 region, whilst a break below this last should see the pair extending its decline down to 1.0820. To the upside, the pair needs to advance above the 1.1120 strong static resistance level, to regain a bullish tone and be able to advance further."
Meanwhile, and despite the volatility, analysts at UOB Group explained, "We continue to view the current movement as part of a broad sideway trading range. In other words, we are still neutral and expect this pair trade to trade in a broad 1.0915/1.1180 range for another week or so."
EUR/USD fundamentals awaiting EU summit
EUR/USD is steady as traders await the outcome of the new proposals that have ben duly submitted in the last hour. So now we await the Eurogroup's finance ministers the Eurozone finance ministers meeting who are all meeting up on Saturday at 4pm local. We then have the EU leaders' summit on Sunday.
The Greek government have sent over the new Greek proposals to Brussels and also to the Greek Parliament, which is due to vote on them on Friday. However, it is thought that the new proposals will be a greater sum of money required, some EUR12b and more than the previous EUR8b.
EUR/USD price action and technical analyses
EUR/USD has rebounded on the slid down from overnight trade and the 1.1124 highs. 1.1060 has capped on two occasions on the recovery from below the 1.10 handle. 1.1042 has been the latest high since the Greek proposals being submitted.
Valeria Bednarik, chief analyst at FXStreet explained, "The downside is favored towards the 1.0950/60 region, whilst a break below this last should see the pair extending its decline down to 1.0820. To the upside, the pair needs to advance above the 1.1120 strong static resistance level, to regain a bullish tone and be able to advance further."
Meanwhile, and despite the volatility, analysts at UOB Group explained, "We continue to view the current movement as part of a broad sideway trading range. In other words, we are still neutral and expect this pair trade to trade in a broad 1.0915/1.1180 range for another week or so."
EUR/USD fundamentals awaiting EU summit
EUR/USD is steady as traders await the outcome of the new proposals that have ben duly submitted in the last hour. So now we await the Eurogroup's finance ministers the Eurozone finance ministers meeting who are all meeting up on Saturday at 4pm local. We then have the EU leaders' summit on Sunday.