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16 Dec 2014
EUR/USD reaches 4-week highs
FXStreet (Córdoba) - EUR/USD managed to break above 1.2500 and climbed to fresh 4-week highs in a volatile session where the dollar rallies against emerging market currencies but falls against majors.
Better-than-expected Eurozone data acted as trigger, sending EUR/USD to a high of 1.2569, last seen November 20 and the euro has managed to hold onto gains despite the cautious tone among financial markets. At time of writing, EUR/USD is trading at 1.2545, recording a 0.92% gain Tuesday.
Investors also remain wary as tomorrow the Fed concludes its 2-day monetary policy meeting, with focus on the 'considerable time' description of the period the bank considers it’ll be appropriate to keep historical low rates.
EUR/USD levels to watch
Immediate resistances are now seen at 1.2575 (Nov 20 high) and 1.2600 (psychological level/Nov 19 high), while supports could be found at 1.2414 (Dec 15 low), 1.2400 (psychological level) and 1.2370 (Dec 11 low).
Better-than-expected Eurozone data acted as trigger, sending EUR/USD to a high of 1.2569, last seen November 20 and the euro has managed to hold onto gains despite the cautious tone among financial markets. At time of writing, EUR/USD is trading at 1.2545, recording a 0.92% gain Tuesday.
Investors also remain wary as tomorrow the Fed concludes its 2-day monetary policy meeting, with focus on the 'considerable time' description of the period the bank considers it’ll be appropriate to keep historical low rates.
EUR/USD levels to watch
Immediate resistances are now seen at 1.2575 (Nov 20 high) and 1.2600 (psychological level/Nov 19 high), while supports could be found at 1.2414 (Dec 15 low), 1.2400 (psychological level) and 1.2370 (Dec 11 low).