The euro (EUR) quoted closely during most of the night session before recurring from the upper part of 1.08 to re -test Friday’s intradic in the low zone of 1.09 in a boost of profits during the morning of European trade, says Shaun Osborne, head of FX of Scotiabank.
EUR rises through the low zone of 1.09
“The markets are becoming more constructive on the prospects of the EUR following the tax plans of Germany. Solid economic data of China, a key export market for Germany, at the beginning of the year, in addition to the continuous efforts of Beijing to boost consumption, they can be having a positive impact on the feeling of EUR.”
“The EUR/USD is rising slightly to prove the minor resistance of bullish rupture around point 1.09 in the early trade. The spot has found a firm support in the falls towards the lower zone of 1.08, as expected, during the last week. A ‘natural’ progression for the price is now to test the upper part of the range.”
“A thrust through 1,0900/10 should see the profits extend to test 1,0950/60 – the last important resistance point before a complete test of 1.12.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
