EUR-USD was able to recover owing to its 1.11 level after experience a bearish market for a three weeks at 1.1062 yesterday. The FOMC had a strong effect on the dollar's sails, though in confirming that most members were not thinking of walking for pleasure this coming June the minutes were near expectations. ECB pledges of accelerated or expanded QE this week prompted the correction from last Friday's three-month high at 1.1466. There also is no sort of adequate co-operation between the Greek government and creditors in bailout negotiations, even considering the high level of views by its official. EUR-USD broke below both its 20- and 100-day moving averages this week, which are presently at near convergence at 1.1185 and 1.1158. These now forms a near-term resistance zone. Yesterday's low at 1.1062 and the May-5 low at 1.1066 mark support.
On Thursday night, European leaders convened in Latvia for a two-day summit in Riga. Greece prime minister Alexis Tsipras, Germany chancellor Angela Merkel and France president Francois Hollande were expected to discuss a potential extension to the euro zone's bailout to Greece, according to reports. Currency traders reacted to disappointing economic on both continents Thursday, on a day of choppy trading.
