“Euro is seeing some strength today against the United States Dollar as market is beginning to believe in a resolution of Greek debacle. The situation is simple to resolve it seems, Greece will get additional funds of €12 Billion by mid-June only if they agree to stricter austerity measures. By showing complacency regarding austerity measures, Greece might further advance its own cause of further bailouts. In turn Greece will refrain from defaulting. Bearing the following premise in mind, market participants are becoming optimistic and bidding up the Euro,” said Andrei Tratseuski, from Forex Club.
However, EUR/USD found resistance at the 1.4325 area and has spent the last hours consolidating into a tight range just below that level. At time of writing, the pair is quoting at the 1.4310 zone, 0.23% above its opening price. On the upside, if the Euro manages to extend gains beyond highs, next resistance might be found at 1.4335, while immediate supports could be faced at 1.4190 and 1.4150/60.