Monday, June 27, 2011

EUR/USD 1,4293

The Euro has edged higher against the Greenback on Monday, helped by hopes that the Greek parliament could pass austerity measures when it votes later in the week.

EUR/USD reached a peak at 1.4293 in recent trade after French President Nicolas Sarkozy said French banks have agreed to roll over holdings of Greek debt for 30 years. However, EUR/USD has moved slightly off highs and it is currently quoting at the 1.4270 zone, where it records a 0.56% gain on Monday, the first in 4 days.

"On technical perspectives, EUR/USD is entrenched in a symmetrical formation. A pick of volatility expanded intra-day support and resistance levels", said Andrei Tratseuski, analyst at Forex Club. "Current resistance hovers at 20-day Moving Average of 1.4350. Support is currently structured at the low of the day at 1.4100".