Yahoo Finance Euro’s Sudden and Strong Gains
The Euro has made significant gains the past two days as it has emerged against the U.S Dollar. The Euro is testing resistance not seen since late October. Volatility in FX may be prevalent in the short term.
Euro Emerging with Solid Gains
The Euro has suddenly emerged with solid gains early this week. The European currency has broken important short-term resistance and is above 1.18 against the U.S Dollar.
The rebound in the Euro coincided with a sentiment shift regarding the U.S Dollar as hopes for a comprehensive tax reform package fade in the States.
Euro Testing Late October Highs
The mid-term has seen a drop in value for the Euro since early September, but the gains made the past two days have put the currency back in a position to test late October values.
Economic data from Germany regarding Gross Domestic Product numbers were solid yesterday. But speculation surrounding the Euro has more to do with market psychology now.
Support for Euro Proved Strong
Support for the Euro proved strong around the 1.1630 levels. And traders who believed the currency had been oversold against the U.S Dollar have done well.
The Euro may continue to attract speculators who believe the currency will test the 1.19 level against the U.S Dollar, but traders should also acknowledge trading will not be a one-way avenue.
In the short term, we believe the Euro may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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