Despite showing substantial weakness in the first half of the day given the failure of eurozone finance ministers to reach an agreement on Greece, the EUR/USD recently is bouncing back from a daily low near 1.4200 and currently trades as high as 1.4320. Writing for the FXstreet.com technical analysis team, Valeria Bednarik reported just prior: "Euro recovered ground in the last hours supported by hopes of an agreement that will give new funding to Greece. EUR/USD is approaching 1.4300 and is about to rise above the price it opened Sunday overnight. A break above could send the Euro higher, probably to test 1.4325/40 as hourly and 4-hours indicators favors the upside ahead of Wall Street opening." Bednarik adds: "Movements are likely to be limit on Monday, unless shocking newshit the wires. To the downside, the area around 1.4190/00 (60 SMA in 4-hours chart) is offering support to the Euro, a break below should trigger a bigger decline, probably to 1.4150/60; levels under are not seen for today but consolidation below 1.42 is likely to weaken the pair for the coming session."Monday, June 20, 2011
Forex: EUR/USD rebounds above 1.4300
Despite showing substantial weakness in the first half of the day given the failure of eurozone finance ministers to reach an agreement on Greece, the EUR/USD recently is bouncing back from a daily low near 1.4200 and currently trades as high as 1.4320. Writing for the FXstreet.com technical analysis team, Valeria Bednarik reported just prior: "Euro recovered ground in the last hours supported by hopes of an agreement that will give new funding to Greece. EUR/USD is approaching 1.4300 and is about to rise above the price it opened Sunday overnight. A break above could send the Euro higher, probably to test 1.4325/40 as hourly and 4-hours indicators favors the upside ahead of Wall Street opening." Bednarik adds: "Movements are likely to be limit on Monday, unless shocking newshit the wires. To the downside, the area around 1.4190/00 (60 SMA in 4-hours chart) is offering support to the Euro, a break below should trigger a bigger decline, probably to 1.4150/60; levels under are not seen for today but consolidation below 1.42 is likely to weaken the pair for the coming session."