Tuesday, October 4, 2011

EUR/USD climbs above 1.3300

Despite lingering concerns about a Greek default and its consequences, the Euro has accomplished gains versus the Greenback on Tuesday, recovering from a 9-month low of 1.3145 struck during the European session.

EUR/USD rebounded at lows and after a consolidation period around 1.3200, it gathered momentum and climbed more than 100 pips within the last hours to set a fresh day's peak of 1.3315 in recent trade.

At time of writing, the pair is quoting at the 1.3310 zone, where it records a 1.03% gain since opening. "In terms of technical levels, supports are seen at 1.3246, 1.3145 and then at 1.3088", said theTalking-Forex.com team. "On the other hand, resistance levels are seen at 1.3382, 1.3460 which is the 10DMA line and then at 1.3601".