Forex News – EURUSD finds support above 7 week low

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Forex News – EURUSD finds support above 7 week lowThe Euro found support after bouncing from a 7 week low experienced in yesterday’s Asian session at 1.4074. The EURUSD is currently supported by the 38.2% Fibonacci retracement level of 1.4150, of the January 10th to May 4th rise, during which the single currency rose over 20 cents from a low of 1.2872 to peak at 1.4939.

 

The Euro has in the past week been dropping following a selloff of the Euro after the resurfacing of European debt woes; however news with regards to aid being given to Portugal has eased its downfall as the market perceived the information as a bullish signal. The single currency is still vulnerable and market participants are somewhat cautious in taking long positions in the EURUSD pair, however at the present time the Euro has appeared to find some support.

 

The Euro is currently trading around the 1.4170’s staying relatively close to the Asian session open of 1.4180. The next big news for the Euro is due at 09:00 GMT – the European and German ZEW Survey, which are expected to come out at 17.9 and 4.4 respectively.