The Euro continues to get support from authorities, this time from the MD of Fitch Ratings, David Riley, who stated that the ECB may be willing to act without the Bundesbank. Despite the ECB said yesterday that news on a cap for yields differentials in the European market was “misleading information”, the rumor is sounding stronger today, giving a boost to the common currency, and putting a strong pressure on the dollar across the board.
The EUR/USD trades near this month high set at 1.2442, gaining momentum in its 4 hours chart, as indicators finally detached from their midlines aiming higher, while 20 SMA crosses 200 EMA downside up. An acceleration trough 1.2450 immediate resistance level, will open doors for further advances towards 1.2500/20 area, while a daily close above this last with put at sight 1.2747, June monthly highs. In the short term, the upside momentum will remain intact as long as above 1.2370 area, while if below, next support will come at the 1.2330 price zone.
View Live Chart for EUR/USD
The EUR/USD trades near this month high set at 1.2442, gaining momentum in its 4 hours chart, as indicators finally detached from their midlines aiming higher, while 20 SMA crosses 200 EMA downside up. An acceleration trough 1.2450 immediate resistance level, will open doors for further advances towards 1.2500/20 area, while a daily close above this last with put at sight 1.2747, June monthly highs. In the short term, the upside momentum will remain intact as long as above 1.2370 area, while if below, next support will come at the 1.2330 price zone.
View Live Chart for EUR/USD
