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Trading news
8 May 2013
Forex: EUR/USD extends gains to 6-day high
FXstreet.com (Córdoba) - Following a short-lived correction, EUR/USD resumed the upside and managed to break above several resistance levels to hit its strongest in 6 days.EUR/USD broke above its previous high of 1.3145 and the 1.3155/60 area (100-day SMA/high May 3), stretching to 1.3174 in recent dealings.
At time of writing, EUR/USD is trading around 1.3170, where it posts a 0.7% gain on Wednesday. The euro has been underpinned by much stronger than expected German industrial production data and hopes for an ECB program to help small business.
In terms of technical levels, next resistances are seen at 1.3185 (high Apr 30) and 1.3218 (high May 2). On the other hand, supports could be found at the 1.3065/70 zone (lows May 7 & 8) followed by 1.3033 (low May 3).
At time of writing, EUR/USD is trading around 1.3170, where it posts a 0.7% gain on Wednesday. The euro has been underpinned by much stronger than expected German industrial production data and hopes for an ECB program to help small business.
In terms of technical levels, next resistances are seen at 1.3185 (high Apr 30) and 1.3218 (high May 2). On the other hand, supports could be found at the 1.3065/70 zone (lows May 7 & 8) followed by 1.3033 (low May 3).