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26 Jan 2015
EUR/USD flirts with 1.12 handle
FXStreet (Mumbai) - The EUR/USD pair has turned positive; trading above 1.12 levels; as markets weigh in a possibility of re negotiations between the newly elected Syriza party in Greece and the European Union and the International Monetary Fund.
The pair now trades 0.02% higher for the day at 1.1206, after having recovered from the low of 1.1099 seen in the early Asian session. The single currency came under pressure right off the bat today Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election.This could derail Greece’s restructuring program and create a risk of a Greece leaving the Eurozone. However, markets expect Tsipras to eventually make compromise to avoid the so-called "Grexit". Thus, the pair has seen a minor recovery to trade above 1.12 levels.
The pair may remain under pressure as the uncertainty surrounding as any renewed tension in Greece shall hurt the market sentiment. Meanwhile, ECB’s trillion euro shall also cap gains in the EUR.
EUR/USD Technical Levels
The immediate support is seen at 1.1191, under which the pair could re-test 1.1152 levels. On the other hand, a break above 1.1227 may push the pair to 1.1316 levels.
The pair now trades 0.02% higher for the day at 1.1206, after having recovered from the low of 1.1099 seen in the early Asian session. The single currency came under pressure right off the bat today Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election.This could derail Greece’s restructuring program and create a risk of a Greece leaving the Eurozone. However, markets expect Tsipras to eventually make compromise to avoid the so-called "Grexit". Thus, the pair has seen a minor recovery to trade above 1.12 levels.
The pair may remain under pressure as the uncertainty surrounding as any renewed tension in Greece shall hurt the market sentiment. Meanwhile, ECB’s trillion euro shall also cap gains in the EUR.
EUR/USD Technical Levels
The immediate support is seen at 1.1191, under which the pair could re-test 1.1152 levels. On the other hand, a break above 1.1227 may push the pair to 1.1316 levels.