EUR/USD rises for the second day in a row, approaches 1.0700

Matías Salord FXStreet

EUR/USD is consolidating gains as it holds above 1.0640. The pair is rising for the second day in a row. The last time, the euro rose for two consecutive days was almost a month ago.

The rally that started yesterday during the American session pushed the price above the level it opened during the week. The US dollar dropped for the second day across the board, despite the fact that today, again, economic data in the US, showed better-than-expected numbers. Despited the solid reports, equity prices in Wall Street are down and US bonds are rising.

Eyes on 1.0700

Today the pair reached the highest level in a week at 1.0678. Then it pulled back modestly but remains above 1.0640, holding a bullish tone. Near the end of the session, the euro is approaching daily highs.

A break above 1.0680, could expose 1.0700; immediate resistance above might lie at 1.0710 (Feb 9 high) and 1.0740. On the opposite direction, support could be seen at 1.0635 (20-hour moving average), 1.0590 (Feb 13 low) and 1.0520 (Feb 15 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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