The euro holds recent gains versus the greenback near the 1.4300 mark which couldn’t be fully breached yet, although the euro rallied to intra-day highs into the 1.4325 region, the rally being fueled by the positive signs of economic recovery coming from Germany and France. As pointed out on today’s morning report, the Euro has yet to overcome 1.4300 to confirm that the correction is over, then aim higher towards the recent top side @1.4445. Gold is facing the same scenario as the correlation is quite high nowadays: 960 providing resistance for now – and above 960 will also favor further gains on Euro/Dollar towards the 1.4350/1.4400 zone. A re-test of 1.4330/50 may occur within the next trading sessions if support formed by yesterday’s top into the 1.4240/50 region remains intact. Current rates are 1.4282 on EURUSD and 956.80 on Gold @16:40 GMT
EURUSD daily chart US session 8-13-2009 (click to enlarge)
gold daily chart 8-13-2009 (click to enlarge)
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