EUR/USD intraday: bullish bias above 1.3035 |
Pivot: 1.3035.
Our Preference: LONG positions above 1.3035 with 1.308 & 1.312 as next targets. Alternative scenario: The downside penetration of 1.3035 will call for a slide towards 1.3015 & 1.299. Comment: the pair has broken a bearish channel upper boundary and stands above its new support. |
EUR – EUR Hits 5-1/2 Month High Against the Yen
The euro rose against the dollar and hit a 5-1/2 month high against the yen on Monday after a victory for Spain’s prime minister in regional elections removed a potential obstacle to him asking for a bailout. The euro rose more than 1% to 104.40 against JPY, its strongest since early May.
Expectations that Spain will apply for a bailout, prompting the European Central Bank to start buying its bonds, have helped support the euro in recent weeks, although uncertainty over the timing of such a move was also seen limiting its gains.
As for today, the calendar is lacking any major economic data releases from euro-zone. As such, traders will want to follow the movements of the major equity indices as the dollar has recently been trading in an inverse relationship to equities. Strength in stocks could propel the EUR/USD to its next resistance line which rests at 1.3150.
Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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