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9 Feb 2015
EUR/USD dips below 1.13
FXStreet (Mumbai) - The EUR continues to sink, taking the EUR/USD pair to 1.1296 levels as investors fear Grexit after the Greek PMI asked for a rollback of austerity measures and rejected extension of the bailout program post Feb. 28.
Increased speculation of the Grexit undermining Euro
The Greek PM’s speech today has put the country on a collision course with its international creditors. Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece's "cruel" austerity program, ruling out any extension of its international bailout.
The uncertainty increased further after European Commission President Jean-Claude Juncker cautioned the Greek PM not to assume the EU would simply accept all the plans laid out by the new Greek government. The pair may continue to dip if the Greek PM’s statements continue to invoke strong retaliatory words from its international creditors and German government.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1260 (Jan. 29 low) and 1.1222 (Jan. 27 low). On the other hand, immediate resistance is seen at 1.1302 on the hourly chart, followed by another resistance at 1.1357 levels.
Increased speculation of the Grexit undermining Euro
The Greek PM’s speech today has put the country on a collision course with its international creditors. Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece's "cruel" austerity program, ruling out any extension of its international bailout.
The uncertainty increased further after European Commission President Jean-Claude Juncker cautioned the Greek PM not to assume the EU would simply accept all the plans laid out by the new Greek government. The pair may continue to dip if the Greek PM’s statements continue to invoke strong retaliatory words from its international creditors and German government.
EUR/USD Technical Levels
The pair has an immediate support located at 1.1260 (Jan. 29 low) and 1.1222 (Jan. 27 low). On the other hand, immediate resistance is seen at 1.1302 on the hourly chart, followed by another resistance at 1.1357 levels.