At the opening of the market the pair EUR/USD started off with a gap and at the moment is trading at 1.1200-1.1190. The Euro is under pressure from the news that International Monetary Fund refused to conduct further negotiations with Greece for the provision of a financial assistance. Many experts believe that the risks of Greece defaulting are very big, however, the EU is ready for it and might not take serious damage. On the other hand, Greece exiting the EU may give a precedent for other countries to follow and will be fought off by the stronger members. Exiting the EU, however, seems quite unlikely to Greek experts.
Thus, in the near future news from Greece will have a major impact on the currency and the Euro faces little chances of gaining.
Support and resistance
The nearest resistance level is 1.1230 (4/8 Murray). Support level: 1.1169 (3/8 Murray).
It is recommended to open short positions after breakdown of the level of 1.1169 with stop-loss at 1.1200 and target at 1.1047.Publication source