Euro Higher on Short Covering, Hits Wall at 1.2330
- Market Wrap: Stocks Cry for Argentina; Tesla's 'Electrified' Q2 Report, Outlook; T-Mobile Gets New Suitor
- After-Hours Stock Movers 7/31 (IMPV) (GDOT) (LNKD) Higher; (WWWW) (SREV) (GPRO) Lower (more...)
- Tesla Motors, Inc. (TSLA) Tops Q2 EPS by 7c
- LinkedIn (LNKD) Tops Q2 EPS by 12c; Guides Above the Street
- Stocks Sink on Argentine Default and Rate Hike Worries
The spot price of the EUR/USD swung higher on Thursday, adding to Wednesday’s gains. The rally was sparked by comments from ECB president Mario Draghi. The currency faced resistance at 1.2330. From a technical perspective, this appears to be a critical level, say traders. If breached, the mostly one-sided short bet on EUR/USD could shift gears. On the other hand, if 1.2330 holds EUR/USD may consolidate prior to another leg lower back to 1.200 and beyond.
You May Also Be Interested In
- UPDATE: Crude Inventory -3.7M Barrels vs -800K Expected
- June Pending Home Sales -1.1% vs 0.5% Expected
- Durable Goods Orders Rose 0.7% in June, Topping Expectations Amid Lagging Shipments
Create E-mail Alert Related CategoriesForex
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!