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EURUSD reaching its three-month high December 17 2012

ForexZig.com December 17, 2012

The euro was traded stable against the greenback today in EURUSD, reaching its three-month high, as market investors expect the impending American budget talks.

During the late Asian trade session, the currency pair EURUSD hit 1.3144, which is daily bottom. Later on, the pair found consolidation at level 1.3155.

EURUSD was supposed to find support at 1.3067, lowest level from December 14, and resistance at 1.3239, top level from May 2.

EURUSD

EURUSD, Daily

The euro found support due to positive expectations for progress in dealing with the debt crisis in the region after finance ministers negotiated a deal on rules for supervising banks.

Besides, market investors are focusing on agreement to avoid the U.S. fiscal cliff, together with the central bank announcement. However, there are concerns that the automatic tax increases, so spending cuts due to take effect on January 1st, could derail the American recovery.

The euro was partly lower against the pound with EURGBP trading at the Level 0.8131.

Later today, America is expected to release official data on manufacturing activity in New York State, together with report on the balance of domestic and foreign investment in U.S. securities.

Levels of support: 1.2660, 1.3067;
Levels of resistance: 1.3137; 1.3239;

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