It’s been another quiet market for the euro today despite some developments in the early hours related to Greece and its debt negotiations with creditors. The euro opened in Asia at $1.1401, and was initially confined to a tight $1.1398 to $1.1410 range as the market took on a consolidative mode ahead of French and German GDP data, due for release later today during the European hours. Comments from Greek PM Tsipras following remarks by the EC’s Jean-Claude Juncker were take somewhat positively by the market but euro-dollar failed to make much headway beyond a $1.1409 high this morning. It slipped back below $1.1400 around mid-morning in Asia to a low of $1.1394 and then spent the rest of the morning chopping around between that low and $1.1400. It made a modest recovery again in the afternoon, mainly a consequence of the dollar’s drop to fresh session lows vs. the Japanese yen, and last traded at $1.1426. For now, resistance is noted at $1.1433, which marks the 61.8% fibo retracement of the pair’s $1.1534 to $1.1270 fall, initial support seen at the 14-HMA at $1.1380.
