EUR/USD rebounds from the lower level 1.2143 hits the weekly high at 1.2671.

Euro recovers from the four year low at 1.2145 on Wednesday extended higher today Eur/Usd at 1.2671.From past four sessions, all the commodities and equities continued their sell off dragging the Euro Lower. From last night on Wednesday the Euro rose biggest weekly advance more than 9 months against the dollar, on the optimism European Union officials meeting today .In this meeting they are going to take the decision on the region’s debt crisis.

Japanese Finance Minister Naoto Kan said that it’s undesirable for currencies to stay from “stable “levels. The Euro touched a four –year low on May 19, has gained around 2 percent after the announcement from European Union of 750 billion bailout packages for Euro zones. German officials announced ban on short selling so it was negatively affected on Euro zone.

While today is the major data coming from German .The data called German Ifo Business Climate. The data is forecasted 101.9, previously it was 101.6 its leading indicator of economic health – business reacts quickly to market conditions, and changes in their sentiment can be early signal of future economic activity such as spending, hiring, and investment. If the data is coming as the prediction the euro goes in a green otherwise it will go down

As per the technical point of view Eur/Usd having resistance level at 1.2672 and the second resistance 1.2853. On the other side the Eur/Usd having major support at 1.2334 and the second support level at 1.2137. If the Eur/Usd breaks this second support level then there is no hope upto 1.2064level.

Have A Very Happy Trading !!