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Forex - EUR/USD edges higher, nearing one-month high

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Forex Pros - The euro was up against the U.S. dollar on Tuesday, re-approaching the one-month high after falling in the previous session on the back of concerns over Greece's anticipated financing package.

EUR/USD hit 1.4616 during late Asian trade, the daily high; the pair subsequently consolidated at 1.4607, gaining 0.21%.

The pair was likely to find support at 1.4450, last Friday's low and short-term resistance at 1.4641, Friday's high and a one-month high.

Late last week, senior euro zone officials agreed on a tentative deal to give debt-laden Greece more financing. But the German government said Monday it won't decide on fresh aid for Greece until a review of the current rescue program from the European Commission, the European Central Bank and International Monetary Fund was published.

The single currency was pressured lower after Jean-Claude Juncker, chairman of the Eurogroup of euro zone finance ministers, said the common currency was overvalued relative to other major currencies.

The euro was also higher against the pound, with EUR/GBP climbing 0.25% to hit 0.8934.

Later in the day, the euro zone was to publish official data on retail sales and German factory orders, while Federal Reserve Chairman Ben Bernanke was to speak. His comments would be closely watched for his views on the U.S. economic recovery.

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


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

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