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2 Oct 2013
EUR/USD rallies on Italy confidence vote, Draghi
FXstreet.com (Córdoba) - Following a brief phase of hesitation, EUR/USD picked up momentum and rallied to fresh daily highs amid news Italian PM Letta won a confidence vote in parliament and as Draghi conference develops.
EUR/USD eyes 1.3600 on Letta and Draghi
EUR/USD rose over 60 pips in a matter of minutes and reached a fresh high of 1.3577, just a few pips away from its 8-month peak scored yesterday, with the rally gathering pace after Draghi said FX rate not a policy target. At time of writing, EUR/USD is trading at the 1.3565/70 area, recording a 0.3% gain on the day, having been as low as 1.3506 minutes ago.
EUR/USD technical levels
In terms of technical levels, if EUR/USD manages to break above daily highs, immediate resistances are seen at 1.3587 (Oct 1 high) and 1.3600 (psychological level) followed by 1.3660 (Feb 4 high), while supports are seen at 1.3506 (daily low) and 1.3500 (psychological level) ahead of 1.3476 (Sep 30 low).
EUR/USD eyes 1.3600 on Letta and Draghi
EUR/USD rose over 60 pips in a matter of minutes and reached a fresh high of 1.3577, just a few pips away from its 8-month peak scored yesterday, with the rally gathering pace after Draghi said FX rate not a policy target. At time of writing, EUR/USD is trading at the 1.3565/70 area, recording a 0.3% gain on the day, having been as low as 1.3506 minutes ago.
EUR/USD technical levels
In terms of technical levels, if EUR/USD manages to break above daily highs, immediate resistances are seen at 1.3587 (Oct 1 high) and 1.3600 (psychological level) followed by 1.3660 (Feb 4 high), while supports are seen at 1.3506 (daily low) and 1.3500 (psychological level) ahead of 1.3476 (Sep 30 low).