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Euro still below 1.09 handle

Friday, Jul 17 2015
Euro found some support after euro zone ministers agreed on Thursday to give Greece a €7 billion bridging loan from a European Union-wide fund to keep its finances afloat until a bailout is approved, however it is still being traded below 1.09 handle.. The loan was expected to be confirmed on Friday by all EU member states.
 
The news came after the European Central Bank increased its emergency lending to Greek banks by €900 million and added that it is operating under the assumption that Greece will remain in the euro zone. ECB President Mario Draghi said on Thursday that several positive things have happened to allow the increase in emergency liquidly assistance and that it now appeared that Greece would make the repayment and clear its arrears to the International Monetary Fund.
 
Euro is currently being traded few points below 1.09 handle. Pair is likely to find support around 1.0850 area, and resistance above 1.0930 level. Later today, in the US session, CPI, Building Permits, Housing Starts and Consumer Sentiment figures are scheduled for a release.
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