Investing.com – The euro rebounded from a three-week low against the U.S. dollar on Monday, recovering ground lost during a selloff triggered by concerns over Greek debt but gains remained limited.
EUR/USD hit 1.4442 during European morning trade, the daily high; the pair subsequently consolidated at 1.4405, gaining 0.60%.
The pair was likely to find support at 1.4307, Friday’s low and a three-week low and resistance at 1.4587, the high of the same day.
The euro remained supported by expectations that the European Central Bank will raise interest rates further this year. However, uncertainty over how the euro zone will tackle the prolonged debt crisis in some peripheral member countries continued to weigh on the single currency.
The euro fell sharply on Friday, following a German news report that suggested Greece had raised the possibility of withdrawing from the euro zone. The report was subsequently denied by German and Greek officials.
The euro was also higher against the pound, with EUR/GBP advancing 0.66% to hit 0.8806.
Earlier Monday, the Sentix research institute said investor confidence in the euro zone unexpectedly declined for a second month in May as surging oil prices and the sovereign debt crisis clouded the economic outlook.
EUR/USD hit 1.4442 during European morning trade, the daily high; the pair subsequently consolidated at 1.4405, gaining 0.60%.
The pair was likely to find support at 1.4307, Friday’s low and a three-week low and resistance at 1.4587, the high of the same day.
The euro remained supported by expectations that the European Central Bank will raise interest rates further this year. However, uncertainty over how the euro zone will tackle the prolonged debt crisis in some peripheral member countries continued to weigh on the single currency.
The euro fell sharply on Friday, following a German news report that suggested Greece had raised the possibility of withdrawing from the euro zone. The report was subsequently denied by German and Greek officials.
The euro was also higher against the pound, with EUR/GBP advancing 0.66% to hit 0.8806.
Earlier Monday, the Sentix research institute said investor confidence in the euro zone unexpectedly declined for a second month in May as surging oil prices and the sovereign debt crisis clouded the economic outlook.