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EUR/USD Fell to 1.0660 in Europe on Greece Funding Worries

Posted by Chris Advincula on Apr 21, 2015 6:33:00 AM

EUR.4.21 resized 600

Chart: WorldWideMarkets Alpha Trader

The euro weakened across the board early in the European session and fell from 1.0740 to 1.0660 (-80 pips) against the firm dollar pressured by mounting concerns over Greece's potential default on its debts to creditors. The euro fell from 1.0840 yesterday.

Greece has shown very little progress on negotiations with its euro zone counterparts and the IMF. Greece faces increasing pressures to come to an agreement. Greece's debt surged to a new high of 177% of its GDP by the end of 2014, (+175% from a year ago as reported by EU statistics in Luxembourg)

Prime Minister Alexis Tsipras today ordered local governments to move their funds to the central bank to provide cash for salaries, pensions and a repayment to the IMF.

The April ZEW Report gauge was below the forecast for the Economic Sentiment, while the Current Conditions was higher than expected. The data gave the the euro a only small rebound to 1.0695 and no further gains were made as the NY session opened.

Germany's April Economic Sentiment 53.3 versus the median forecast of 56. (March 54.8). The April Current Conditions 70.2 versus the median forecast of 56.3 (March 55.1)

Key support at 1.0625, stops at 1.0620 and 1.0600. Option expires at 1.0700 and 1.0645.

The 14-day moving average resistance is 1.0740 and support at 1.0668.

Topics: EURUSD, forex trading, European Session, USD, Greece

 

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