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Forex: EUR/USD back above 1.2300

By FXstreet.com,  August 17, 2012, 11:40:00 AM EDT

FXstreet.com (Córdoba) - The euro dropped against the dollar during Friday's American session, briefly dipping below the 1.2300 mark, as better-than-expected US data on confidence helped to strengthen the greenback.

EUR/USD fell nearly 100 pips from its daily high and set a low of 1.2287 before bouncing back above 1.2300, trimming intraday losses. At time of writing, EUR/USD is trading at the 1.2310 zone, still down 0.4% on the day.

The shared currency has failed to benefit from the positive sentiment in the equity and debt markets, which was sparked by Merkel's comments concerning the ECB's role in the fight against the European debt crisis and the Greek bailout program.

As for technical levels, on the downside next supports are seen at 1.2280, 1.2255 and 1.2240, while on the upside resistances could be found at 1.2330, 1.2350 and 1.2385.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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