Thu, 24 Jun 2010 18:37:00 +0200

Forex: Euro crosses get boosted

FXstreet.com (Buenos Aires) – Euro gets boosted in the past hour rising strongly against major rivals thus limited by fading stocks. Wall Street indexes remain close to daily lows quite negative intraday after Durable Order and unemployment US reports showed a still negative environment for the manufacturing and labor markets, following FED’S dovish stance past Wednesday.

The movement in euro crosses, could well be attributed mostly to short covering after last sessions tight ranges; EUR/USD acceleration above 1.2350 yesterday’s high took the pair to 1.2388 with the pair now, holding close to that area. Above 1.2400 static resistance area, pair will find resistance at 1.2465 weekly high printed past Monday. Mentioned 1.2350 now is first support for the pair.

EUR/CHF is back above 1.3600 after printing an intraday low around 1.3550, while EUR/GBP erase most of yesterday’s loses reaching an intraday high of 0.8275 after printing 0.8180 early Europe.