Euro Higher on Short Covering, Hits Wall at 1.2330

July 26, 2012 11:02 AM EDT
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.

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