Forex: EUR/USD breaks above fresh 8-week highs
FXstreet.com (Barcelona) - Helped on an apparently new round of risk appetite coming from local share markets, driving Shanghai index above +2% and Hang-Seng around +1.35%, EURUSD is pushing to fresh 8-week highs last at 1.3118 and climbing, up +1.12% for the week so far.
EURCHF also surged this week adding to a +0.81% gain, currently near 10-week highs, last at 1.2151, proving Euro demand is coming from across the board, making EUR strongest currency among majors by far for last week, still in a 5 year lows daily average volatility environment, which usually favors advances.
Once in case above recent fresh highs, immediate resistance shows at Oct 17 highs 1.3140, followed by Sept 17 highs at 1.3172, and Nov 25 '11 lows at 1.3210. To the downside, nearest term support lies at yesterday's highs 1.3108, followed by Monday's highs 1.3075, and yesterday's lows at 1.3045.
EURCHF also surged this week adding to a +0.81% gain, currently near 10-week highs, last at 1.2151, proving Euro demand is coming from across the board, making EUR strongest currency among majors by far for last week, still in a 5 year lows daily average volatility environment, which usually favors advances.
Once in case above recent fresh highs, immediate resistance shows at Oct 17 highs 1.3140, followed by Sept 17 highs at 1.3172, and Nov 25 '11 lows at 1.3210. To the downside, nearest term support lies at yesterday's highs 1.3108, followed by Monday's highs 1.3075, and yesterday's lows at 1.3045.
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