EURUSD Eyes 1.0800 As Greece Rejects New Bailout Package

FXOpen

The Euro (EUR) fell against the US Dollar (USD) on Monday after the unprecedented Greece referendum as the people of Greece said “NO” to the new bailout package. The technical bias in the long run already remains bearish due to a Lower High in the recent wave on daily chart.

Technical Analysis

As of this writing, the pair is being traded around 1.1040. A support can be noted near 1.0970, the 23.6% fib level ahead of 1.0818, the swing low of the last major dip as demonstrated in the following daily chart.

EURUSD Eyes 1.0800 As Greece Rejects New Bailout Package

On the upside, the pair is expected to face a hurdle near 1.1063, the 38.2% fib level ahead of 1.1139, the 50% fib level and then 1.1255, the 61.8% fib level. The technical bias will remain bearish as long as the 1.1434 resistance area is intact.

Greece Referendum

Greek voters have decisively rejected the terms of an international bailout. The final result in the referendum, published by the interior ministry, was 61.3% “No”, against 38.7% who voted “Yes”. This was a historic decision that could cause an exit of the European nation from the Eurozone. Markets reacted sharply towards the referendum and the aftershocks are likely to continue throughout the ongoing week.

Trade Idea

Considering the overall technical and fundamental outlook, buying the pair below 1.0800 could be a good option if we get a bullish pin bar or bullish engulfing candle near key support area. Always use proper risk and reward ratios to optimize profitability in forex trading.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

GBP/JPY at Highest Level in Over 15 Years The Dollar Resumes Growth After a Corrective Pullback Market Analysis: EUR/USD Slips as USD/CHF Targets Upside Break USD/JPY Analysis: The Market is Indecisive Near Its Peak Since May 1 European Currencies Testing Key Levels: Contributing Factors

Latest articles

Forex Analysis

GBP/JPY at Highest Level in Over 15 Years

As shown by today's GBP/JPY chart, the exchange rate has not only surpassed the psychological level of 200 yen per pound but has also exceeded the peak of 29 April 2024. The market is now experiencing prices last seen

Shares

Elon Musk Contributes to NVDA Price Surge to a New Record

Yesterday, on Tuesday, Nvidia's stock price reached a historic high, surpassing the $1,130 mark, increasing by almost 7% relative to Monday's closing price. This happened after a turbulent past week, during which Nvidia published a very strong report that

What Is a Falling Knife in Trading?
Trader’s Tools

What Is a Falling Knife in Trading?

It’s often repeated that traders should ‘never catch a falling knife.’ This phrase highlights the risks of buying into a rapidly declining asset. Understanding what a falling knife is, its causes, and strategies for trading it may help traders

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.