The Euro strengthened slightly versus the Dollar and most majors, approaching the monthly highs again as EU stress tests showed relative stability and resistance of the banking system. Together with better than expected economic data coming out, investors regain confidence in Europe's chances to avoid a double dip recession after all. German IFO Business Climate came out at 106.2 vs. 101.5 expected. The main resistance of the EUR/USD on the daily chart is 1.3030, and the daily trend remains up. a break above this resistance will indicate its continuation. The main support is located around 1.2700. Overall, EUR/USD traded with a low of 1.2792 and with a high of 1.2964. No economic data is due for today on the Euro.

EUR/USD - Last: 1.2927

Resistance

1.2966

1.3007

 

Support

1.2840

1.2790

1.2732

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