The Euro continues to maintain the value it has added against the U.S Dollar in the short term. Its trend has been strong the past few months and it is approaching important long-term resistance. Tomorrow’s jobs data from the States will impact the Euro too.
An Opportunity for Euro Speculators
For traders with a speculative heart, the Euro against the U.S Dollar will continue to present opportunities over the coming days.
The Euro has maintained the value it has added, and is perched comfortably above 1.18 level, while the 1.19 mark has come into focus as resistance.
Tomorrow’s jobs numbers from the States will prove intriguing for the Euro, and specifically – the inflation data via the Average Hourly Earnings is likely to prove vital to speculators.
Higher and Higher the Euro Moves
While downside risks are always a possibility, the mid-term trend of the Euro has produced strong returns for those who have been buying the currency against the U.S Dollar.
Economic data from the European Union has shown enough positives to spark a reversal in sentiment, even among the staunchest of Euro skeptics.
Resistance Remains Strong in U.S. Crude Oil
Speculators are fixated on long term charts for the Euro at this moment.
The question being asked is if the Euro is ready to break through the 1.19 resistance level and if it can eventually test the 1.20 ratio against the U.S Dollar? While the Euro could certainly lose value, its downside risks are not likely much below the 1.18 juncture now. Reversals are certain over the next couple of days, but traders are likely being tempted by upside potential.
In the short term, we believe the Euro may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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