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Forex: EUR/USD up as sentiment sharpens

By FXstreet.com,  May 28, 2012, 02:00:00 AM EDT

FXstreet.com (Barcelona) - The single currency is trading in session highs as of writing, back above the key level at 1.2600 as risk-off trade is swelling on Monday.

According to the polls, the pro-bailout party in Greece would now be leading ahead of the second elections due on June 17, in detriment of the left leader that was in the first place lately, boosting the sentiment at the beginning of the last week of May.

News about plans of restructuring European banks was also hitting the wires, although further details are needed. Nonetheless, this seems to be enough to cheer investors' mood.

Only Italian bond auctions are due during the European morning as data/results will be absent both in Europe and the US.

EUR/USD is now advancing 0.21% at 1.2602, facing the next resistance at 1.2620 then 1.260 and finally 1.2820
On the downside, support levels lie at 1.2495 ahead of 1.2483 and 1.2442




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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