Forex: EUR/USD nearing 1.4300 on Greece deal news

FXstreet.com (Barcelona) - The Euro us rallying across the board on the back of news about an deal between Germany and France to aid Greece, which has boosted EUR/USD about 120 pips higher to break 1.4220, reaching day highs at 1.4285 so far.

On the upside, immediate resistance might be at 1.4300 are4a (intra-day resistance/Jun 13 low), and above here, 1.4370/75 (20-day SMA) and 1.4430/50 (Jun 13 highs). On the downside, the Euro might find support at 1.4200/20 (previous highs), and below here, 1.4125 (day low) and 1.4070 (Jun 16 low).

German Chancellor Angela Merkel has announced an agreement with French President Sarkozy of a new rescue package fro Greece, with voluntary participation of private bondholders which will be worked out with the ECB.