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Broad Euro Strength As EURUSD Tests Range Resistance

The EURUSD currency pair continues to oscillate within the recent consolidation range and is threatening the 1.3400 area resistance highs. The Euro has been well supported of late with a broad view that the immediate crisis is being dealt with but there is no room for complacency.

Broad based EUR strength noted as EURGBP trading within 40 pips of a 1-year high and EURJPY pair up around 2% on the daily bass.

European indexes have closed near the highs of the day with the UK FTSE +1.1%, German DAX +0.6% and the Spanish IBEX +0.4%.

German Ifo Business Climate and US New Home Sales event risk due tomorrow.