Search ForexCrunch

EUR/USD  has reversed a significant portion of its gains (related to optimism on Greece), trading under 1.1140 after  having reached a peak of 1.1214.

Update:  Greek parliament approves proposals – Ball firmly in German court

The move  comes as sounds of rejection to the Greek measures are heard  in Germany, Greece and other euro-zone countries. This is not a done deal, at least not yet. In the US, Fed member Rosengren, who is considered a dove, talked about raising rates this year.

Greece’s former finance minister Yanis Varoufakis will not be in  parliament due to “family matters”. He did express support for his replacement Euclid Tsakalatos, but did not publicly endorse the proposals laid out by his former boss Alexis Tsipras.

Regarding austerity, they consist of a full climb down. However, they include a longer term  program, debt restructuring and an investment plan,  things that did not appear in the original proposal.

Greek crisis – all the updates

Rosengren, which heads the Boston Fed is not sure that the Greek crisis will slow the US even though it adds uncertainty. He preferes to focus on inflation, that remains troubling as it is below 2%.

Support awaits at 1.1130 followed by 1.1050. Resistance is at 1.12, followed by 1.1290.

euro dollar down on worries about Greece Rosengren July 10 2015 technical EURUSD

In our latest podcast we clarify Greece and also China, oil, AUD and more:

Follow us on Stitcher.