EUR/USD rallies as EU current account, ZEW data awaited

ForexNewsNow | Published on August 16, 2010 at 11:47 pm

NEW YORK (Forex News Now) – The euro extended its rebound against the dollar into a second day on Tuesday, as FX traders awaited key data on German economic sentiment and the euro zone current account.

In European morning currency trading, EUR/USD struck 1.2843, up 0.13 percent on the day.

The European Central Bank was set later to release its June report on the euro zone current account, the difference in value between imported and exported goods, services, income flows, and unilateral transfers.

According to forex analysis, EUR/USD was likely to touch immediate support around the low of July 21, 1.2732, and encounter resistance around last Thursday’s high, 1.2932.

The euro’s gains also came ahead of a key report from the ZEW research institute on economic sentiment in Germany in August, and data on the U.S. housing market and manufacturing sector.

Elsewhere, the euro rose versus sterling: EUR/GBP traded at 0.8202, up 0.2 percent.

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