Forex: Volatile trading brings EURUSD to a session high

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The Euro has recorded a new session high against the US dollar as part of a volatile trading session combining both fundamental and technical aspects. The single currency’s gains started early after noon in the US Session following the European Central bank’s executive board member Lorenzo Bini Smaghi stating that the bank’s policy is to progressively raise interest rates.

The Euro found resistance around the 1.4126 levels and support in the 1.4052 levels with the differences between the following peaks and troughs shrinking. The single currency developed a triangle shaped pattern while around 17:15GMT the triangle’s upper boundary was broken and shortly after the EURUSD climbed to the session’s high of 1.4146. The EURUSD pair is currently traded at 1.4119.