Forex: EUR/USD rises above 1.4970

Tue, Nov 10 2009, 19:44 GMT
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FXstreet.com (Córdoba) – The Dollar weakened across the board in the last hours as stocks turned positive at Wall Street. EUR/USD broke above 1.4970 and currently trades at 1.4979/83, 0.12% below today’s opening price. Greenback failed to confirm the break of the support at 1.4950 and moved away form the lows. To the upside, the pair could face resistance at 1.4990 and above at 1.5020 (intra-day high).

Michael J. Malpede, analyst at Easy Forex affirms: “EUR traded lower pressured by report of weaker than expected German business sentiment. German November Zew economic sentiment index dropped to 51.1 from 56 last month, a reading of 55 was expected. The Zew current conditions indicator also declined to -65.6 from -72.2. According to Zew officials today’s report suggests that the German economic recovery will proceed in small steps.”

EUR/USD

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