The euro climbed for a third day against the dollar, reaching a two-month high of 1.1248. Much of the catalyst behind the single currency’s strength was due to the weaker US dollar, which remained under pressure a day after the Federal Reserve meeting, due to the cautious tone of the FOMC statement and due to overall concerns for the US economy. The euro eased back down to 1.1137 as the dollar began to recover late in the European session.
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Attempt of bears to return the control over pound/dollar has come to grief at the 51-st figure where pair have redeemed, and, having brokethrough resistance in area of 52-nd figure, has risen up to a level of 1.5261. Thus, in short-term prospect testing possible the resistance in the area 1.5290-1.5300, marked by us as the nearest target of bulls.
Oil quotes, who are supported by events in Yemen, yesterday retained a positive attitude. The June contract for WTI oil was not leaving attempts to breakthrough the resistance at 58.00 dollars per barrel, but they were unsuccessful. In the Asian session a support in the area of 56.55 was brokenthrough, and bears have tested he mark at 56.06 dollars per barrel.
Investors' hopes for a successful outcome of the negotiations of the Greek government with the European creditors keep the euro/dollar above support in the area 1.0819/00, although to consolidate above the level of 1.0900 yesterday brokenthrough a pair so far failed. It is doubtful that the pair will be able to move much higher of current highs at only on without backed up optimism, but further profit-lock on long dollar positions can support the pair towards 1.1000.
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