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Forex Analysis
by ForexNewsNow Team on December 2nd, 2010

Euro holds strong as investors wait on ECB policy meeting

euro dollar EUR/USD retail salesNEW YORK (Forex News Now) – The euro stood firm against the greenback on Thursday, as investors waited for the outcome of a meeting of European Central Bank policy makers later in the day.

In early European currency market trading at around 7:00 A.M., GMT, EUR/USD traded at 1.3139, for no change on the day.

The president and vice-president of the European Central Bank are due to hold a press conference in the afternoon that could hold some clues on future monetary policy.

According to EUR/USD analysis, the euro was likely to touch immediate support around yesterday’s low of 1.2971, and encounter resistance around the high of Sep. 21, 1.3285.

The currency pair hit a session high of 1.3146 on Thursday and dropped to a low of 1.3088 as the dollar was buoyed by recent positive economic data showing improvements in the U.S. labor market.

Elsewhere in FX trading, euro fell against the yen: EUR/JPY traded at 110.49, down 0.12 on the day.

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