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).



You May Also Like

Related Forex Analysis
  1. Forex News

    Euro Flounders at Yearly Lows as Likelihood of ECB QE Increases

  2. Forex News

    Weekly Trading Forecast: How Far can the Dollar Go in 2014?

  3. Forex News

    US session recap: USD index and stocks rally for record highs

  4. Forex News

    US Dollar Targets Fresh Highs versus Euro, but What Could Change?

  5. Forex News

    A calm and holy night or a snowstorm of volatility? – ING

Trading Center