Yahoo Finance Euro Enters Important Phase of Trading
The Euro has beaten off short-term headwinds and resumed its high-water marks against the U.S Dollar as it approaches mid-term values. The potentially good political news may come from Germany regarding a coalition. And U.S tax reform remains uncertain in Washington.
Euro Challenging Resistance
The Euro has officially fought off its short-term lows and is now testing important resistance.
The Euro is above the 1.19 level against the U.S Dollar and the question all speculators want to receive an answer for – is if the Euro can hold onto these marks and build a foundation for further gains?
Mid-Term Highs in Sight as Traders Speculate
The Euro is now testing important mid-term values and without any significant data on the table, today or tomorrow will react mostly to sentiment generated via the political sphere.
German coalition talks continue, and it appears an agreement could be attained near term. Also, tax reform proposals from Washington will grow into a fevered pitch this week – and the outcome regarding the passing of legislation appears murky.
Potentially Good News from Germany
The combination of potential good news from Europe and uncertain developments in the U.S may add to the Euro’s ability to mount gains.
Traders with a speculative taste may believe the Euro can reach the 1.20 mark against the U.S Dollar.
In the short term, we believe the Euro may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
