EUR/USD Comes Closer to 1.6000

The U.S. dollar fell down to another historical minimum level against the euro today, as the strong technical resistance has been breached and the fundamental economic statistics in U.S. has failed to keep the USD up on the Forex market.

Apart from the bad data from the U.S. housing sector and the commercial crude oil inventories, additional fundamental pressure was applied on the dollar from the Eurozone CPI report today. Consumer prices grew 3.6% (year-to-year) in March there, eliminating the chances for the soon interest rate cut by the ECB.

From the viewpoint of the technical analysts, the current situation with EUR/USD on Forex isn’t surprising too. The euro tried to break the major support level around 1.5910 three times before today. And after it finally did it today, the currency pair soared to the new absolute maximum at 1.5968.

As of 15:48 GMT EUR/USD is trading near 1.5953 and is ready to climb to 1.6000. Thursday will be last day this week with the important U.S. economic releases, so it will be a very important day for the Forex traders, as it will probably show the strength of the current bullish trend on EUR/USD.

This entry was posted on Wednesday, April 16th, 2008 at 5:57 pm and is filed under Euro, U.S. Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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