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Euro edges higher as Greek deadline looms
The euro is trading higher this morning, even though no deal has been reached between Greece and its creditors. Christine Lagarde of the International Monetary Fund said it is ‘possible’ that Greece will leave the euro, and traders are unnerved by this. As possible as it is, the Greek population are still in favour of sticking with the single currency. Some traders would argue that if Greece were to leave the euro, it would give confidence to the currency, but the political ramifications could be catastrophic – other nations may also wish to leave.
Greece has endured many crisis talks over the years, and even though things are heating up, this round of talks will end with some sort of compromise being made by each side. That is why EUR/USD is pushing higher into the weekend. Looking further down the line, Greece will have to make other repayments over the summer and the medium-term view is that EUR/USD will remain in its downward trend.
Currently acting as resistance for now is $1.10, and a move through this level will mean the next big resistance will be $1.12. If $1.10 isn’t cleared the support at $1.09 will come into play, and then $1.0820 will be on the radar.