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Euro Rally Continues for a Seventh Day Despite Juncker Pessimism

Euro Rally Continues for a Seventh Day Despite Juncker Pessimism

Benjamin Spier, Technical Strategist

The Euro is halfway through its seventh day of beating the US Dollar, reaching a new monthly high of 1.3121 during the European session. There was no clear new driver for the Euro bullishness in today’s trading, and the rise may be a continuation of the rally that intensified with ECB President Draghi’s press conference last week, which helped the Euro rise on the noted lack of actionable dovishness.

In fact, we saw a mix of slightly pessimistic comments and economic releases during the European hours. Luxembourg PM Juncker said that he expects the Euro-zone to remain stuck in a recession. The comments failed to send the Euro back below the 1.3100 line.

In economic releases, France industrial production rose 0.7% and more than expected in February, while Italian and Spanish industrial production each fell more than expected in February. The releases had little effect on Forex trading.

This afternoon, the minutes from the past Fed meeting will be released at 18:00 GMT.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

EURUSD Daily: April 10, 2013

Euro_Rally_Continues_for_a_Seventh_Day_Despite_Juncker_Pessimism_body_eurusd_daily_chart.png, Euro Rally Continues for a Seventh Day Despite Juncker Pessimism

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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