EUR/USD back below 1.12

FXStreet (Mumbai) – The EUR/USD pair is back below 1.12 as proposals and counter proposals continue to fly back and forth between Greece and its creditors as both parties make a last ditch effort to reach a deal before the midnight.

EUR volatile on Greece related rumours

The shared currency has been volatile since the European session as rumours about Greek deal/no deal have been hitting the wires every hour or so. The EUR/USD pair hit a low of 1.1133 in the European session before rising to a high of 1.1243 in the early US session.

At the moment, the pair is trading around 1.1185. The sky high US consumer confidence data appears to have weighed over the currency pair. The volatility is likely to persist with more official comments/rumours on Greece likely to hit the wires as we move towards the midnight deadline.

EUR/USD Technical Levels

The immediate resistance is seen at the psychological level of 1.12, followed by the 10-DMA resistance at 1.1252. On the other hand, support is seen at 1.1160 and 1.1130.

The EUR/USD pair is back below 1.12 as proposals and counter proposals continue to fly back and forth between Greece and its creditors as both parties make a last ditch effort to reach a deal before the midnight.

(Market News Provided by FXstreet)