EUR/USD: Upward corrections above 1.2620

Well The Euro Starts the week on a High-Don't be fooled it's not out of the water yet-Still lots to come out of Greece-And Europe as a Whole-Keep Looking to Short the Highes On This Pair Until The Data Shows Otherwise for an Upward Correction.
See Data Below: FxStreet.com

EUR/USD Current price: 1.2569

View Live Chart for the EUR/USD



Euro opened the week higher on news the EU is working to set up a rescue fund for troubled banks, although the news is not officially confirmed.  Another unconfirmed news report that Spain may use government bonds to recapitalize banks, adding to the light positive mood among investors. The EUR/USD gapped higher on short covering, having been capped by 1.2580 immediate resistance, while the hourly chart shows price above a flat 20 SMA and indicators struggling around their midlines, far from suggesting further upside strength. Extreme oversold readings seen in bigger time frames are still present with the 4 hours 20 SMA capping the upside around mentioned 1.2580. A break above can push price near strong 1.2620 static resistance level, also past Friday high, although unless a clear break of this last, the upward pressure is still limited. Strong support comes at 1.2515 where price will fill the gap and the bearish pressure increase.

Support levels: 1.2550 1.2515 1.2465

Resistance levels: 1.2580 1.2620 1.2650