EURUSD Movement
For the 24 hours to 23:00 GMT, the EUR declined 1.01% against the USD and closed at 1.1007, despite Greece reaching its bailout deal.
Yesterday, Greece clinched a deal with its creditors on a third bailout package approximately worth €86 billion over three years, thus easing fears of its departure from the Euro-zone. After 17 gruelling hours of marathon negotiations that went through the night on Sunday, the Greek Prime minister, Alexis Tsipras, accepted the bailout terms imposed by its international lenders including Germany, thereby saving the cash-strapped nation from going bankrupt.
The Syriza-led government has to implement several harsh measures including sales tax increases and pension reforms and get them through the Greek parliament in order to attain the third bailout program.
In the US, budget surplus advanced more than anticipated to $51.8 billion in June, following a surplus of $70.5 billion in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.1004, with the EUR trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0919, and a fall through could take it to the next support level of 1.0833. The pair is expected to find its first resistance at 1.1144, and a rise through could take it to the next resistance level of 1.1283.
Trading trends in the Euro today are expected to be determined by Germany’s consumer prices coupled with the ZEW survey report data, scheduled in a few hours. Additionally, the US advance retail sales, scheduled later today, would attract significant market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
