Forex: EUR/USD loses 1.28; no decision on Greece
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EUR/USD
FXstreet.com (San Francisco) - EURUSD touched intraday lows below 1.28 this afternoon in Asia (vs. 1.2815 at NY close) as markets turned impatient that Euro zone leaders had not yet found resolution regarding Greek Aid, but, at the time of writing, price has encountered buying interest and has traded as high as 1.2820. The move comes on headline that Euro Finance Ministers have concluded their meeting, but details are not yet available.
In an interesting twist, there will be no press conference held after the meeting and there are reports coming in that no decision was reached on Greece and that the group will meet again next Monday. This announcement has, again, disappointed participants. EURUSD has fallen to as low as 1.2783, with immediate support noted at 1.2775 (100-hr EMA), then 1.2745 (June 18 high).
"The EURUSD has drifted in a narrow range between 1.2825 and 1.2780 for the majority of the week," says Christopher Keane, Analyst at Keanefx. "If the Financial Ministers reach a solution regarding Greece the cross could pop higher. Any push lower runs into resistance around 1.27." For upside rallies, Mr. Keane recognizes trend line resistance at 1.2840.
In an interesting twist, there will be no press conference held after the meeting and there are reports coming in that no decision was reached on Greece and that the group will meet again next Monday. This announcement has, again, disappointed participants. EURUSD has fallen to as low as 1.2783, with immediate support noted at 1.2775 (100-hr EMA), then 1.2745 (June 18 high).
"The EURUSD has drifted in a narrow range between 1.2825 and 1.2780 for the majority of the week," says Christopher Keane, Analyst at Keanefx. "If the Financial Ministers reach a solution regarding Greece the cross could pop higher. Any push lower runs into resistance around 1.27." For upside rallies, Mr. Keane recognizes trend line resistance at 1.2840.
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