According to the FXMarketAlerts Team the EUR/USD is still in consolidation mode and recent pullback “does not signal a reversal”. To the upside the target lies at 1.2672 and support is seen at 1.2539 and 1.2483/62, the team points out.

The pair failed to rally above 1.2600 but posted the third weekly gain out of the last four. The Euro was favored by signals of improvement in the European financial system and the Dollar lost strength amid weak economic data.

The European currency also posted important gains against currencies tied to commodities, reaching 5-week highs against the NZD and CAD.

Fri, Jul 2 2010, 20:04 GMT
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