Eur/usd - page 300
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EUR/USD holds steady at 3-month lows
The euro held steady at three-month lows against the U.S. dollar on Tuesday, as news of Greece's fresh bailout deal last week failed to lend solid support to the single currency and as trading volumes were expected to remain thin with no major data expected from the U.S.
EUR/USD hit 1.0812 during late Asian trade, the session low; the pair subsequently consolidated at 1.0826.
The pair was likely to find support at 10782, the low of April 24 and resistance at 1.0908, the high of July 17.
The euro failed to hold on to gains after Greek banks reopened on Monday following a forced 3-week closure, while restrictions on cash withdrawals remained in place.
Also Monday, Greece repaid the totality of its arrears of about €2.0 billion to the International Monetary Fund. "Greece is no longer in arrears to the IMF," the Fund's spokesman Gerry Rice announced on Monday.
Athens had fallen into arrears with the IMF on June 30 after the country missed a €1.6 billion payment.
"The Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth," Rice added.
The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.
The euro was also steady against the pound, with EUR/GBP at 0.6950.
The euro reported a slight decrease on Monday, marking the fourth consecutive negative session. The pair opened at a rate of 1.0830, then the price went up slightly, reaching the highest level for the day at 1.0869. Later the direction was reversed and the single currency reached a daily bottom at 1.0808, breaking the support at 1.0817. The day ended at a rate of 1.0824, slightly above the support level.
Yesterday the EURUSD initially tried to rally but found selling pressure on the 61.8% Fibonacci level (resistance) at 1.0860, to give all its gains back to the market and close near the low of the day with a narrow range day. Key levels to watch today are: a daily resistance at the 61.8% Fibonacci level at 1.0860 and key level (minor support) at 1.0808.
Finally a rebound from the support level after a tight range trading yesterday.
EUR/USD: Euro With Solid Gains, Bouncing From Mighty Support
The euro currency rallied against the greenback on Tuesday, snapping its free fall to the three-month bottom seen previously in the week. However, the bigger picture stayed intact amid the monetary policy divergence in play, while from the technical point of view, this is a usual sort of correction, especially when preceded by a significant move.
"The tension is fading on the euro down there," said David Rodriguez, quantitative strategist at FXCM in New York. "The dollar is still in control."
In the afternoon, the EUR/USD rose 1.21% to $1.0955, profoundly rising from the lowest level since April 24 at $1.0810, where the euro currency had fallen yesterday during the US market hours.
The macro calendar on the both sides of the Atlantic has switched to a seasonal vacation mode. Moreover, the Greek saga also slightly stepped down from the headlines, as the debt-burdened country finally repaid the IMF and also honored its debt to the European Central Bank on Monday.
Looking ahead, existing home sales are due in the US on Wednesday, while investors will closely watch the initial jobless claims on Thursday and its attempt to stay below the 300,000 threshold for the twentieth week. Later on, new home sales are expected to remain almost unchanged at 540,000 according to the market survey.
In the euro-zone, the most focus will be trained on the PMI figures from the manufacturing and the services sectors as Markit will unveil July's releases from Germany and France.
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EUR/USD rallies more than 1%, as euro zone embarks on return to normalcy
EUR/USD rallied on Tuesday posting its highest one-day move in more than a month, as normalcy returned to the euro zone following weeks of severe volatility related to the Greek Debt crisis.
The currency pair traded between 1.0812 and 1.0967 during Tuesday's session before settling at 1.0942, up 1.06%. EUR/USD is still down more than 3.65 from its high on June 22 when it peaked above 1.14. The pair likely gained support at 1.0808 the low from July 20 and was met with resistance at 1.1198, the high from July 13.
In Athens, a government spokesperson said Greece will likely complete discussions with its international creditors on August 20, after parliament ratifies the second portion of measures deemed necessary to reopen talks on Wednesday. Last week, the Greek parliament approved four measures related to pension and tax reforms required by euro zone creditors in exchange for a three-year, €86 billion bailout under the European Stability Mechanism (ESM).
"Immediately after the vote of the prior actions, negotiations with the lenders will start, with August 20th being the final date," government spokeswoman Olga Gerovasili said in a statement.
On Monday, banks throughout Greece reopened after more than two weeks of closures in spite of strict capital controls that limited customers to €60 in ATM withdrawals. Also on Monday, Greece made a €4.2 billion loan repayment to the European Central Bank, days after the cash-strapped nation received bridge financing from its creditors of €7.2 billion late last week.
The euro had been in freefall against the dollar since late-June amid mounting concern that Greece could default on its sovereign debt and leave the euro. The fears receded following a 17-hour marathon emergency summit on July 12-13, when the two sides reached a preliminary accord on a cash-for-reforms deal.
July 2015 France business climate index 102 vs 100 exp
July 2015 France business climate index data report
A steady increase in the French manufacturing sector
Yesterday the EURUSD rose closing in the green near the high of the day on a wide range day. The currency found some resistance at the Fibonacci level 50% at 1.0955 that also overlaps with the 10-day moving average and a solid close above these levels might trigger a mid-term shift in the trend. Key levels to watch today are: Fibonacci levels the 38.2% (resistance) at 1.1058, the 50% (resistance) at 1.0955 and the61.8% Fibonacci level (support) at 1.0860.
Greece and EU are swiftly enacting the summit deal says Moscovici
Nothing about this saga has ever been swift
EU's Pierre Moscovici is speaking in Brussels
On yesterday’s session EUR registered a sharp rise against the USD. The session started at a price of 1.0824, then went a little downward and reached the daily bottom at 1.0811. Later on the direction was reversed and the strong upward move closed EUR at 1.0933. If the bullish sentiment continue, we can expect the first test of resistance at 1.1034.