EUR/USD Recovers After Sharp Drop

EUR/USD dropped sharply after the start of the current trading session as the uncertainty surrounding the situation with Greece and its future in the eurozone caused investors to flee European assets. Yet the euro bounced against the dollar afterwards and is trading near the opening level currently.
Pending home sales were up 0.9% in May, though market participants were hoping for a bigger increase by 1.3%. The April’s gain was revised from 3.4% down to 2.7%. (Event A on the chart.)
On Friday (June 26), a report on Michigan Sentiment Index was released, showing a jump from 90.7 in May to 96.1 in June according to the final estimate. Analysts expected the final revision to be the same as the preliminary estimate of 94.6. (Not shown on the chart.)


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