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The dollar took another dive on Wednesday, extending its drop ahead of the year-end, as the American’s currency rally has largely extended in the second half of this 2014. There was little fundamental data behind market movements, but was another day of dropping stocks what sent the USD down, as arising political turmoil in Greece spurred demand for safety, favoring the Japanese yen the most. Greece's stock market crashed and bond yields soared after the country's government announced surprised presidential vote. On Thursday, the second round of TLTRO may increase QE expectations if the result is poor, pushing the EURUSD back to its bear market.
The EUR/USD pair trades at its highest of the day above the 1.2400 level, accelerating higher by the US close. The 1 hour chart shows price hovering around post-ECB high, whist indicators aim slightly higher above their midlines, and price advances above moving averages, supporting further advances. In the 4 hours chart, the technical picture is also bullish, with indicators biased higher near overbought levels and 20 SMA slowly gaining bullish slope currently around 1.2340. If the price manages to extend and hold above the 1.2450 price zone, the pair will likely continue advancing over the upcoming sessions, eyeing then 1.2520/30 strong static resistance zone.
Support levels: 1.2400 1.2370 1.2340
Resistance levels: 1.2450 1.2490 1.2525