EUR/USD was down 0.58%, retreating from the three-month highs of 1.1466 set on Friday. The euro gave up early gains against the dollar on Monday to fall to session lows as fresh concerns over the prospects of a Greek default pressured the single currency lower. Athens is scrambling to reach a cash-for-reform deal with its international lenders in time to avoid a cash crunch. Over the weekend, a leaked memo from the International Monetary Fund showed that there is “no possibility” that Athens can meet a loan repayment due on June 5 without a deal to unlock outstanding bailout funds. Last week Greece came close to defaulting on a €750 million IMF repayment, which it ultimately made by tapping emergency reserves in its holding account at the IMF.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5715 TARGET 1.5735 1.5765 SL 1.5685
SELL GBP/USD BELOW 1.5625 TARGET 1.5605 1.5575 SL 1.5655
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