FxStreet.com Independent analyst Valeria Bednarik underscores the fact that the bullish momentum the euro rocketed on had "no trigger", but it would be safe to say "fears of a double dip in the US economy after worse than expected housing and employment data, sure added to dollar weakness."

According to Bednarik, "this 1.2460 static support area also 23.6% retracement of last bullish rally, should act as immediate support" also mentioning it might not be the last of it "4 hours charts remain bullish , suggesting pair could extend the rally after completing the correction."

Fri, Jul 2 2010, 04:55 GMT
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