Forex News: Euro rises against Dollar in early Asian session

Important: This page is part of archived content and may be outdated.

Forex News: Euro rises against Dollar in early Asian sessionThe Euro has been dropping in the past 2 sessions against the Dollar, falling some 250 pips on the day as the Greek financial crisis has weighed heavily on the Euro, however today’s Asian session see’s the Euro paring back on some of its recent losses as it has thus far risen over 150 pips from an Asian session open of 1.4183 to a session peak of 1.4276.

 

The Dollar in recent days has been gaining against the Euro, experiencing a slight setback after Greece had won consent from a team of European Union- IMF inspectors to proceeding with the 5 year austerity plan, however this set back proved to be short lived. The consent is believed to have been granted as Greece committed to an additional tax rises and spending cuts.

 

The current level of the Euro is at 1.4270’s, with short term resistance seen around the 1.4285 level, a level which denotes the midpoint between the 55 hourly moving average and the 50% retracement level of the recent downward movement from 1.4441 to 1.4126.