EUR/USD consolidates at daily highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The EUR/USD extended its recover from below 1.3600 and reached fresh daily highs at the beginning of the European session as the greenback was down across the board.



The EUR/USD rose to a daily high of 1.3627, erasing yesterday’s losses, but lacked follow-through and settled in a range just below. At time of writing, the EUR/USD is trading at the 1.3625 zone, 0.12% above its opening price.



The euro weakened Thursday and dropped briefly below 1.3600 after a media report suggested the ECB may not have reached the lower bound on rates. Central bank expectations are the main driver for the EUR/USD. Data out today includes Eurozone consumer confidence and Germany's CPI.



EUR/USD technical levels



In terms of technical levels, the EUR/USD could find next resistances at 1.3650 (Jun 25 high), 1.3669 (200-day SMA) and 1.3668 (Jun 9 high). On the flip side, supports are seen at 1.3575 (Jun 26 & 23 lows),1.3563 (Jun 20 low) and 1.3540 (Jun 18 low).



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