Tags Posts tagged with "Greece"

Greece

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It was another tepid session for the euro despite the ongoing Greek crisis apparently drawing to a close. Greek banks are set to open on Monday following emergency aid from the European Central Bank.

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Markets reacted cautiously after a provisional deal was reached on a third bailout deal for Greece. After rallying up to 1.1196 EUR/USD rebounded on technical resistance before any attempt at testing 1.12 could be made.

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The euro rebounded on Friday with EUR/USD rising firmly back within the 1.1149 channel. The euro is experiencing some resistance around 1.1196 which coincides with the upper Fib resistance line.

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EUR/USD was trading under the key support at the 50-day moving average line. A break below 1.1010 precipitated further selling pressure and a fall down towards the lower support level at 1.0983.