Euro lower ahead of Eurogroup Meeting

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Monday, May 11 2015

Greece and the euro zone were to hold a fresh round of talks later Monday as Athens scrambles to reach an agreement on a package of economic reforms in order to access fresh bailout funds. Ahead of the talks Greece’s government indicated that it was still hopeful that progress would be made but euro zone officials have indicated that too many issues still remain unresolved.

Greece was due to repay approximately €770 to the International Monetary Fund on Tuesday. It was reported during the weekend that IMF was preparing a contingency plan in the event of a Greek default, and furthermore that Angela Merkel was under increasing pressure to "let Greece go," and now, as Eurogroup ministers begin to gather for today's crucial 'deal-or-no-deal' meeting, Die Welt reports The Troika has 4 scenarios for Greece - one positive and three increasingly negative ranging from the need for further bailouts to paying staff in IOUs and issuing a parallel currency.

Eurois currently being traded slightly below 1.1180 area. Pair is likely to find support around 1.11 handle and resistance above 1.1250 level. There will be no major data releases in the rest of the session.

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