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Euro hovers at $1.12
The euro has traded above $1.12 this morning, as the currency makes somewhat of a recovery from yesterday’s plunge. For a change it wasn’t Greece that did the damage – it was the greenback. The dollar rallied after the Federal Reserve member Jerome Powell stated the US central bank could raise rates twice this year.
Despite the bounce back in EUR/USD today, there is still the fear the dollar could make another push higher. Over the past few months the dollar has been drifting lower, and traders have been dismissive of positive economic indicators from the US, but now it is playing catch up.
The proposals that were put forward by Greece on Monday haven’t been accepted or rejected. For the time being dealers have an optimistic outlook, which has gotten to the stage that no negative news is deemed to be positive news.
EUR/USD has been in an upward trend since March and the resistance at $1.14 is the target, and a drop back below $1.12 will bring the support at $1.10 into play.