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Forex: EUR/USD hovering over 1.2300

By FXstreet.com,  July 30, 2012, 01:56:00 AM EDT

FXstreet.com (Barcelona) - The single currency is circling the key level of 1.2300 on Monday, keeping the mood
after the upbeat comments by M.Draghi at the end of last week. The EUR has climbed from the area around mid 1.20s to levels above 1.2300 after ECB's President vowed to do whatever it takes to save the euro.

Thin docket ahead in the day for the euro zone, with Spain flash GDP figures for the second quarter and Italian three, five and ten year bond auctions as the main events.

At the moment, the cross is losing 0.05% at 1.2290 with the next resistance at 1.2395 (50% of 1.2748-1.2042) ahead of 1.2401 (high Jul.6) then 1.2415 (Upper Bollinger) and 12508 (low Jun.4).
On the flip side, a violation of 1.2241 (low Jul.17) would expose 1.2219 (MA10d) then 1.2170 (high Jul.25) and 1.2118 (low Jul.26).




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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