FXstreet.com (Barcelona) - The Euro is trading above 1.4700 level against the Dollar after rising around 75 pips during the American session from 1.4640, intra-day low, to post YTD high at 1.4722. Currently the pair is trading around 1.4700/10, 0.30% above today's opening price action at 1.4660.
Valeria Bednarik, FXstreet.com collaborator, comments: Pair remains bullish and usual lately, consolidating close to daily high after reaching it; hourly indicators point to the upside, not giving signal yet suggesting upside continuation. Clearly above 20 SMA that failed to break, pair needs to break under 1.6450 to start some downside corrective movement, not seen at this point. 4 hours charts show a healthy upside momentum, supporting the view. Expect acceleration above 1.4725 zone.
Bednarik provides us with her levels: Support levels: 1.4650 1.4620 1.4580. Resistance levels: 1.4725 1.4770 1.4830.
John Hardy, analyst at Saxo Bank, comments: The USD carry trade lives on, it appears, with most currencies advancing again versus the greenback while equities headed higher today. The market nodded its head today at 1.4720 resistance in EURUSD, which was near that high back in December, but few signs of any stiffer resistance to the persistent, if a bit grinding move of late. The S&P 500 is up over 20% from the July lows. A glance over at bonds just as we are going to press shows the bottom dropping out of the market on comments from Greenspan suggesting that congress may be unwilling to withdraw stimulus, which would risk swamping the long term bond market.