Euro at 3-Day Advance |
The Euro traded early on Thursday at the highest levels for this week. Portugal’s successful fund raising in the bond market has strengthened the Euro. Furthermore there is optimism that European leaders will take action to put an end to the region’s debt crisis. Today investors are focused on the news about interest rates and then on the ECB press conference.
Looking at the hourly chart of the Euro, it is making new highs above the 1.3080 which is a possible support level and reaching the 1.3150 creating a possible resistance level. Since the beginnings of this week the Euro has been in an uptrend as indicated by the uptrend line and is likely to continue further up, however stochastic is at the overbought area giving a signal that a correction may be occur and bulls may take profits.
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