EUR/USD extended losses to 1.0910

June 1, 2015

The shared currency is being offered in the early European session, taking the EUR/USD pair lower to a session low of 1.0910 levels. 

EUR ignored upbeat Spanish data

The common currency is being sold even though the Spanish manufacturing PMI printed at 55.8, its highest level since April 2007. The new week and new month begun with a slide mainly due to the ongoing Greek saga. A Greek payment to the IMF is due on this Friday, and the sides are not getting any closer. 

Moreover, the markets are pricing-in an op-ed by Greek PM Tsipras which sounded very defiant. Overall, there are lots of disinformation and lots of arguments and counter arguments on whether or not Greece is nearing the deal with its creditors.

EUR/USD Technical Levels

A break below 1.09 could see the pair target 1.0862 levels (May 26 close). On the flip side, a break above 1.0941 (5-DMA) could see the pair re-test 1.0971 (23.6% R of 1.1465-1.0817).

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