Euro/Dollar Tests Recent Range Resistance Highs During Early Trading

January 2, 2013 in Forex Fundamentals and News

Euro/Dollar Testing Recent Range Resistance Highs

Recent developments in the US were initially supportive for risk and high beta currencies during the Asian session, as the House of Representatives approved a bipartisan deal to raise taxes for high earners, thus avoiding the so called ‘fiscal cliff’.

The EUR/USD has subsequently retraced a lot of the earlier gains and is now trading near the previous candle high, after breaking marginally above last weeks range highs but not on a sustained basis as of yet.

Key event risk this week includes the Non-Farm Employment Change Unemployment Rate figures from the US.  This data shows changes in the number of employed during the prior month, excluding the farming industry and often brings increased volatility.

See the following EUR/USD daily chart from earlier today:

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