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by ForexNewsNow Team on August 25th, 2010

EUR/USD analysis: Euro rises as German consumer climate eyed

EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – The euro rose against the dollar on Thursday, extending its rebound into a second day, as FX traders awaited an important report on German consumer sentiment.

In late Asian currency market trading, EUR/USD struck 1.2716, up 0.45 percent on the day.

The Gfk market research group was due to publish its German Consumer Climate report for September, which was expected to point to a slight rise in sentiment among consumers in the euro zone’s largest economy.

According to EUR USD analysis, EUR/USD was likely to touch support around the low of Aug. 24, 1.2588, and encounter resistance around the high of Aug. 20, 1.2832.

The euro’s gains also came as FX traders eyed a report on initial U.S. claims for jobless benefits last week, a key signal of overall economic health.

Elsewhere, the euro slid versus sterling: EUR/GBP traded at 0.8176, down 0.14 percent, according to intraday analysis.

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