It has been another day without any progress in the Greek debt crisis. Euro-area leaders will now hold an emergency summit Monday. While Greece lurched closer to an exit from the euro, the currency still keeps its head about water and traded higher against the U.S. dollar. Although, investors have faith that a deal will be reached there is a high downside risk for the currency in the event of a Grexit.
We will wait and see. Technically we see a current support at 1.1330. If the euro breaks below that support area we might see the euro tumbling towards 1.1260. The next key support is at 1.12/1.1180. On the upper side there is a next resistance at 1.1450/67, but given the ongoing Grexit fears it could be hard to believe that the euro will break above this zone in the near-term.
For sterling traders it has been another profitable trading day. The British Pound extended its gains and rose above 1.59. A next bullish target could be at 1.60. Current support areas are seen at 1.5850 and 1.58. U.K. Public Sector Finances are scheduled for release today at 8:30 GMT. After a 9-day rally in the GBP/USD the pair is likely to show some consolidated moves.
There are no major economic reports scheduled for release today.
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