The Euro rose sharply against the Greenback on Monday supported by the risk−on mood and expectations of a positive outcome of Tuesday's Merkel/Sarkozy meeting.
EUR/USD rose to an almost 3−week high of 1.4476 but lost momentum and eased to the 1.4440 region along with stocks pullback, and has spent the last hours consolidating gains in a narrow range around that level. At time of writing EUR/USD is quoting at the 1.4435/40 area, printing a 1.19% gain on Monday.
According to Valeria Bednarik, chief analyst at FXstreet, the pair shows a strong bullish momentum in the 4-hour chart and could extend gains over the upcoming sessions, if current candle closes above 1.4460 price zone. "In that case, 1.4500/20 comes as next level to watch, ahead of 1.4580 strong static resistance area as per past July monthly high", said Bednarik.
"Only below 1.4410 the pair may lose momentum and slide towards the 1.4350 area", she added.
According to Valeria Bednarik, chief analyst at FXstreet, the pair shows a strong bullish momentum in the 4-hour chart and could extend gains over the upcoming sessions, if current candle closes above 1.4460 price zone. "In that case, 1.4500/20 comes as next level to watch, ahead of 1.4580 strong static resistance area as per past July monthly high", said Bednarik.
"Only below 1.4410 the pair may lose momentum and slide towards the 1.4350 area", she added.
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