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EUR/USD crashes as Greece rejects deal

© Dukascopy Bank SA
"It looks like a bit of stability has returned after the earlier onslaught, so I'd say there was a bit of profit-taking, given that we are very much in a state of flux."
- RBC Capital Markets (based on Reuters)

Pair's Outlook
EUR/USD collapsed in the morning on Monday, overshadowing developments that took place before the weekend on Friday, as Greece rejected the deal, called a referendum and imposed capital controls on banks. The pair's began trading just above 1.10 today, down 160 pips from Friday. From the perspective of the technical analysis, while the Euro remains below monthly PP at 1.1089, the outlook will remain strongly negative for the short-term. 

Traders' Sentiment
The share of long open positions at the SWFX market increased by one percentage point over the weekend, up from 44% to 45%. Meanwhile, pending orders to buy the Euro against the Dollar in 100-pip range from the spot surged 12% to 52%.

© Dukascopy Bank SA


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