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Euro continues its downtrend

Friday, Apr 10 2015
There were no major data releases from Eurozone today so traders are still watching over Greek debt crisis, which is pushing euro lower. No progress was made on the Greek issue in Wednesday’s Euro Working Group in Brussels as there was no discussion for partial disbursement of the tranche Athens is hoping for.
 
Euro Working Group members expressed their disappointment that the Greek representatives are avoiding to give specifics about how to achieve their fiscal goals and procrastinate, thereby wasting valuable time. They said that Greece is far from a staff level agreement, which must be signed before the next Eurogroup.
 
Moreover, the IMF has communicated that it does not disburse installments and does not make partial agreements. They will disburse the full tranche only after the fifth review is successfully completed. In any case, there still is a fundamental disagreement over what measures will be more beneficial: state spending cuts or increased revenues.
 
Euro is currently being traded around 1.06 handle. Pair is likely to find support around 1.0550 area and resistance above 1.0650 level. There will be no major data releases in the rest of the session.
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