EURUSD dropped on Friday and closed at 1.3121. Political crisis in Greece continued after disagreement with Prime Minister’s abrupt decision to close the state broadcaster ERT. The Democratic left pulled out of the coalition with the conservative Prime Minister Antonis Samaras withdrawing two cabinet ministers and promising only qualified support in parliament rising fears over Greece’s bailout program. On the other hand the single European currency was pressurized by the expectations that the Federal Reserve would pull out its monetary stimulus. Support for the EURUSD is seen at 1.3090 and resistance is seen at 1.3191. The HotForex Traders Board shows that 56 percent of the traders are long on the EURUSD.
The Cable dropped yesterday and closed at 1.5421. The Public Sector Net Borrowing in the United Kingdom remained at 10.5 billion Sterling in May. We don’t expect high volatility in the session ahead due to the lack of major economical releases. Support for the GBPUSD is seen at 1.5343 and resistance is seen at 1.5489. The HotForex Trades Board shows that 62 percent of the traders are long on the GBPUSD.
EURUSD trading lower in the European session. German Ifo Business Climate on focus.
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