EUR Trading Outlook
The Euro (EUR) the EUR/USD hit fresh highs intraday as crosses continued to be unwound especially against the AUD. The EUR/AUD has risen from all-time lows near 1.1600 to above 1.2000 overnight as traders take profit and bet on the survival of the Euro. There are very important meetings going on at the moment with France/Germany and Greece. Greece is hoping for more lenient loan measures but Merkal and Hollande will likely wait for the Troika report before announcing any adjustments. The other main story out of Europe is talk that Spain is discussing terms of aid with the Eurozone.
The Euro (EUR) the EUR/USD rally continued overnight on the back of the US FOMC minutes to break above 1.2500. The market is hopeful that the ECB will announce some form of Bond Buying program in the coming weeks and release the third tranche of Greece Loan Aid. More gains are very possible now that the rally has begun with 1.2650-1.2700 a reasonable upside target.
The Euro (EUR) the EUR/USD finally broke resistance overnight to fresh rally highs above 1.2450 on the back of falling Spanish and Italian debt yields and talk Germany was relaxing its demands with regards to Greece Debt restructuring. The next big level is 1.2500 and the bears will be waiting to see whether the rally has legs before selling into this break higher.
The Euro (EUR) the EUR/USD dipped to 1.2300 in Europe but murmurs of ECB bond buying in some form have helped lift the pair in the US session back to 1.2350. Strong resistance has been registered between 1.2380-1.2500 over the past few weeks so concrete ECB news will be needed to get the single currency moving higher.
The Euro (EUR) the EUR/USD fell below 1.2300 bouncing into the close for only small losses on the day. The market is concerned that the bulls are running out of steam as each attempt higher has failed. The headlines out of Europe continued to be mixed with more talk than action. The next such event is Germany’s Merkal and France’s Hollande meeting on Tuesday.
Go to Euro (EUR) Archive