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Forex: EUR/USD hits daily highs after US data

By FXstreet.com,  September 25, 2012, 09:43:00 AM EDT

FXstreet.com (Córdoba) - The euro picked up momentum at the beginning of the New York session, and having erased completely its intraday losses, it hit a high of 1.2965 against the dollar after a report showed US home prices rose for a 6 month in a row in July, but the improvement was not as strong as expected.

However, EUR/USD stalled just ahead of the 100-hour SMA and currently it is trading at the 1.2950 zone, 0.1% above its opening price, having recovered from a low of 1.2885 scored earlier.

From a technical view, "A rally back above 1.2955 would end the pattern of lower highs and lower lows as well as break out of the near-term congestion", said Fan Yang analyst at FXTimes. "Therefore just a break above 1.2955 in the 9/25 US session could refocus the pair to the upside".

According to Yang, there is a support/resistance pivot at 1.2815, and 1.2750. "The EUR/USD's bullish bias remains until a break below the rising trendline that goes back to July. This might require a break below 1.2650".




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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