Increasing speculation that FED’s Bernanke will take more steps to support growth, are keeping dollar under pressure since the week started. The EUR/USD found support over Asian session, on more hawkish than expected RBA Minutes, reaching so far a daily high at 1.2316. European indexes and US futures however, are struggling to remain in green, preventing the pair to advance further. The 4 hours chart, shows price above the 23.6% retracement on the latest daily fall from 1.2692 to 1.2161, at 1.2285, while indicators head higher in positive territory, giving the pair scope for more rises as long as the support holds. Renewed buying interest above 1.2320, may see the pair extending its gains towards 1.2365 area, 38.2% retracement of the same rally, while once above 1.2410 comes next.
The key level to the downside is 1.2250 as only below this last the sellers will take control with immediate target in the 1.2210 price zone.View Live Chart for EUR/USD