EUR/USD resumes the upside and trades back at highs

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (San Francisco) - After an initial rejection of the 1.3635, the EUR/USD was launched back to 1.3610 where the pair found new buying interest. Then the pair bounced back to price around 1.3630 again.

An upbeat German CPI fueled Euro sentiment: the harmonised index of consumer prices in Germany showed a 1.0% YoY increase in June, better than the 0.7% expected. Following the release, the EUR/USD rose 20 pips in the latest few minutes and now it is trading at 1.3627, up 0.11% on the day, having posted a daily high at 1.3635 and low at 1.3608.

The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.

EUR/USD sentiment

"Look for EUR/USD to chip away at offers in the 1.3630/50 area later today and early next week and begin to edge higher ahead of the ECB meeting," comments Jamie Coleman from FXBeat. "Perhaps Mr. Market wants to give The Dragon (Draghi means dragons in Italian) something to think about before Thursday's ECB meeting."

If the pair remains with positive note, the EUR/USD would face resistance at 1.3635, 1.3650 and 1.3670. On the downside, supports are at 1.3610, 1.3600 and 1.3575.

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