EUR/USD trades weak on Greece crisis, good to sell on rallies
EUR/USD has broken major support 1.0483 and declined till 1.09529 as Greece crisis intensifies.
Greece PM Alexis Tsipras announced late Friday that referendum will be held on Jul 5th to decide whether to accept the bailout package by the international creditors.
The banks in Greece will be closed from today till Tuesday Jul 7th. ATM’s will be closed today and re-open tomorrow with withdrawals limited to EUR60 per day as ECB froze the Emergency Liquidity Assistance to Greek banks.
Technically EUR/USD made a low of 1.09529 and recovered till 1.0436 in Asian session. Overall trend is weak as long as resistance 1.1100 holds.
On the higher side minor resistance is around 1.1050 (Support turned into resistance) and any break above would extend gains till 1.10680/1.1100 in short term.
The minor support is around 1.0950 (50% retracement of 1.0468 and 1.1465) and break below will drag the pair further down till 1.0865/1.0800 level.
It is good to sell on rallies around 1.1050-550 with SL around 1.1100 for the TP of 1.0955/1.0860.
Greece PM Alexis Tsipras announced late Friday that referendum will be held on Jul 5th to decide whether to accept the bailout package by the international creditors.
The banks in Greece will be closed from today till Tuesday Jul 7th. ATM’s will be closed today and re-open tomorrow with withdrawals limited to EUR60 per day as ECB froze the Emergency Liquidity Assistance to Greek banks.
Technically EUR/USD made a low of 1.09529 and recovered till 1.0436 in Asian session. Overall trend is weak as long as resistance 1.1100 holds.
On the higher side minor resistance is around 1.1050 (Support turned into resistance) and any break above would extend gains till 1.10680/1.1100 in short term.
The minor support is around 1.0950 (50% retracement of 1.0468 and 1.1465) and break below will drag the pair further down till 1.0865/1.0800 level.
It is good to sell on rallies around 1.1050-550 with SL around 1.1100 for the TP of 1.0955/1.0860.