The euro has reversed yesterday’s decline against the U.S. dollar in forex trading to rise on the last day of the first quarter of 2010. The Euro (EUR/USD pair) has increased by approximately 75 pips today versus the dollar to climb above the 1.3500 level in the U.S. session after opening the day around the 1.3434 level. Earlier today, the EUR/USD fell to an intraday low of 1.3384 before reversing course. The EUR/USD had been on a bullish path since Friday before yesterday’s turnaround and has advanced three out of the last four days since touching a low of 1.3266 last Thursday.
EUR/USD Chart – The Euro today rising higher against the US dollar on the 1-hour chart. The pair turned around from yesterday, finding early support near the 23.6 fibonacci retracement level (on the down move from 1.3817 to 1.3267 that started on March 17th). Later today, the pair ran into resistance near the 50.0 fibonacci retracement level at 1.3540 and after moving into overbought territory on the RSI. The pair has come down off of the day’s highs and currently trades around the 1.3515 exchange rate in the afternoon of the U.S. session.