By CountingPips.com
The Euro has been stronger in forex trading against the US dollar as the much anticipated Greek vote on austerity measures passed earlier today. The Greece Parliament approved the $40 billion measure, which includes a combination of tax raises and spending decreases, by a vote of 155 to 138 with 5 abstaining. The European common currency has advanced on the day against the US dollar, Swiss franc, British pound sterling and the Japanese yen while losing ground against the commodity currencies in the Australian dollar, New Zealand dollar and the Canadian dollar.
US stock markets have been higher today with the Dow Jones industrial average increasing by approximately 50 points, the NASDAQ up by almost 3 points and the S&P 500 is higher by over 7 points at time of writing.
In commodities, crude oil has pushed higher by proximately $1.74 to trade at the $94.63 per barrel level while gold futures are higher by over $8.00 and stand at the $1508.00 level.
EUR/USD Forex Daily Chart – The euro has been back on the uptrend the last three days versus the dollar in forex trading as the EUR/USD pair has fought back above the 1.4400 level today on the Greek vote. The pair encountered resistance at the monthly pivot level near 1.4440 today (orange line). A close above the 1.4400 level would be the highest close since June 14th and more bullish action could provide a test of the 1.4500 resistance and further possibly up to the 1.4640 resistance level. Downside targets include 1.4300, 1.4250 and 1.4120 as possible support levels.
