FXstreet.com (Sydney) - The EUR gains on a weak dollar and trades at 1.4943. The pair had earlier opened at 1.4960. The EUR/USD finds support at 1.4908, resistance at 1.4997 and is considered slightly bearish.

The dollar weakened on the back of positive housing data from the US. Sales of existing homes in the US jumped to their highest levels since July 2007 and had risen for their second consecutive month. A rush to cash in on incentives helped to provide momentum on a weakened housing industry. US stocks roared on that news and the Dow Jones ended 1.29% or 132.79 points up to end on 10450.95.