Euro Higher on Short Covering, Hits Wall at 1.2330
- Relentless Selling of Twitter (TWTR) Continues
- Market Wrap: Consumer Spending Flat with Views in July; Twitter Slips to IPO-Like Levels; PIMCO Gets Wells Notice
- AIG (AIG) Tops Q2 EPS by 18c; Adds $5B Common Stock Buyback Plan, Boosts Dividend
- Weak oil prices, China worries weigh on Wall Street
- It's Still All About the iPhone for Apple (AAPL)... And That's a Good Thing
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- European Union Outlook Revised to Negative from Stable at S&P; Rating Affirmed at AA+
- S&P lowers outlook on Brazil to Negative; Ratings affirmed (EWZ)
- Fed says labor market continued to improve, job gains solid
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!