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by ForexNewsNow Team on December 10, 2010

EUR/USD rallies despite ongoing euro zone crisis fears

Euro forex newsNEW YORK (Forex News Now) – The euro rallied slightly against the dollar on Friday, although ongoing fears over the euro zone’s continuing debt crisis prevented it from rising higher.

In early European currency market trading, EUR/USD hit 1.3264, up 0.20 percent on the day.

Despite the rise Friday morning, the currency pair’s intraday highs have been pushing lower since the beginning of the week. The euro was set to finish with a weekly loss against 10 of its 16 major counterparts, including the greenback.

According to EUR/USD analysis, the euro was likely to touch support around the low of Dec. 2, 1.3060, and to encounter resistance around Tuesday’s high of 1.3400.

The dollar’s loss Friday also came as data showed that US jobless claims dropped more than expected in the past week.

Elsewhere in FX trading, the euro rose against the pound: EUR/GBP traded at 0.8402, up 0.10% according to intraday analysis.

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