- The EUR/USD fell back from 1.1221 level (June 25 high) and moving below to test Support level at 1. pair is currently trading at 1.1196, it is expected decline further towards 1.1150
- Greece failed to reach a deal with its creditors on Thursday. The meeting of European finance ministers also broke up without any progress in third Euro group meeting.
- Ultimately Greece will face default, if it fails to make a Euro 1.6bn debt payment to IMF by Tuesday.
- During the course of the meeting the market came to standstill, as no consensus came out from the Eurogroup meeting. Uncertainly regarding Greece consensus applies bearish pressure on Euro, So it is good to sell Euro in the near term.
- The immediate support can be seen at 1.1168. A break below this level will expose the pair to next support level at 1.1148 (June 25 Low)
- Major resistance can be found at 1.1260(61.8 Retracement Level) a break above this level will exposes it to the 1.1290 handle.
Recommendation: Go short below 1.1240 with Targets at 1.1175, 1.1150 SL 1.1260.
Resistance Levels
R1: 1.1222
R2: 1.1240
R3: 1.1260( 61.8 Retracement Level)
Support Levels
S1: 1.1168
S2: 1.1148 (June 25 Low)
S3: 1.1135 (June 23rd Low)
