From now on we Elev8
We're more than just a broker. We're an all-in-one trading ecosystem—everything you need to analyse, trade, and grow is in one place. Ready to elevate your trading?
Trading news
11 Mar 2013
Forex: EUR/USD extends gains to fresh highs
The euro has continued to edge higher during the New York session and recently printed a fresh daily high versus the dollar as stocks turned positive in Wall Street.
After finding support at the 1.2985 area, EUR/USD climbed nearly 50 pips toward a peak of 1.3042, cutting last Friday's losses, when the cross slumped on the back of a strong NFP report. At time of writing, EUR/USD is trading around 1.3030/35, recording a 0.4% gain on the day.
As for technical levels, if the EUR/USD breaks above daily highs, next resistances could be found at 1.3045 (10-day SMA/200-hour SMA) followed by 1.3100 (psychological level) and 1.3122 (100-day SMA). On the other hand, below 1.3000 next supports align at 1.2955 (Mar 8 low) followed by 1.2930 (Dec 11 low).
After finding support at the 1.2985 area, EUR/USD climbed nearly 50 pips toward a peak of 1.3042, cutting last Friday's losses, when the cross slumped on the back of a strong NFP report. At time of writing, EUR/USD is trading around 1.3030/35, recording a 0.4% gain on the day.
As for technical levels, if the EUR/USD breaks above daily highs, next resistances could be found at 1.3045 (10-day SMA/200-hour SMA) followed by 1.3100 (psychological level) and 1.3122 (100-day SMA). On the other hand, below 1.3000 next supports align at 1.2955 (Mar 8 low) followed by 1.2930 (Dec 11 low).