The hegemonic currency was lifted above 1.4300 against the Greenback, supported by stocks entering to positive ground in Wall Street in the wake of better-than-expected pending home sales data.
EUR/USD rose near 60 pips from its 1-week low at 1.4254, breaking above 1.4300 to a high of 1.4313. However, the Euro couldn't sustain momentum and has retreated to the 1.4290/95 zone where it is currently trading, 0.50% below its opening price.
"On the upside, 1.4325 zone offers initial resistance, while only regain of 1.4400 would improve near-term tone", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. Drvenica sees immediate resistance levels at 1.4325, 1.4376 and 1.4400, while he places next support levels at 1.4250, the 1.4200/1.4190 area and then 1.4156.
EUR/USD rose near 60 pips from its 1-week low at 1.4254, breaking above 1.4300 to a high of 1.4313. However, the Euro couldn't sustain momentum and has retreated to the 1.4290/95 zone where it is currently trading, 0.50% below its opening price.
"On the upside, 1.4325 zone offers initial resistance, while only regain of 1.4400 would improve near-term tone", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. Drvenica sees immediate resistance levels at 1.4325, 1.4376 and 1.4400, while he places next support levels at 1.4250, the 1.4200/1.4190 area and then 1.4156.
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