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Euro sub $1.09
The small rise in the German consumer climate reading this morning failed to hold back the tide of uncertainty surrounding Greece. The strongest economy in Europe saw its GkF report rise to 10.2 in May, up from 10.1 in April, but even though EUR/USD ticked higher on the back of it, the move was short-lived.
Greece has until the end of the month to reach a deal and there is no sign of a one been brokered in the near future. Athens is due to make a repayment to its creditors on the 5 June, and if the nation does not unlock the next round of the bailout, the country will be facing default.
EUR/USD has been in a downward trend for the past week and the initial target is $1.08. If that mark is punctured then the next level of support will be $1.06. We are currently seeing $1.09 acting as immediate resistance, but a move above it will bring $1.10 into play.