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    EUR/USD opens lower after Greek referendum

    © Dukascopy Bank SA
    "A ‘no' vote in the Greek referendum isn't good news, so the initial reaction to sell the euro is the right one."
    - Credit Agricole (based on Bloomberg)

    Pair's Outlook
    EUR/USD has been considerably sold off in the morning on Monday after a quiet trading session last Friday, as market participants are pricing in results of the Greek referendum. Despite that, the pair found a support at the last week's low around 1.0970, while there appears a reluctance to move further downwards. The immediate resistance for bulls is placed at 1.1114 (weekly PP). On the contrary, potential losses can allow a drop down to 1.0875 (monthly S1). 

    Traders' Sentiment
    The share of SWFX long open trades has been unchanged at 49% during the past 72 hours, as the sentiment is still somewhat neutral. Meanwhile, pending orders to buy the Euro against the US Dollar in 100-pip range from the spot plunged to 36% over the weekend.

    © Dukascopy Bank SA

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