Investing.com – The euro was up against the U.S. dollar on Tuesday, hovering just below its high for December as thin trade ahead of the holidays exaggerated market moves.
EUR/USD hit 1.3418 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3408, gaining 0.13%.
The pair was likely to find support at 1.3181, Monday’s low and resistance at 1.3632, the high of November 23.
The euro advanced amid optimism that European leaders would agree to take more actions to reduce sovereign-debt concerns at a summit to be held later in the week.
The single currency was also supported by a drop in U.S. Treasury yields and after Moody’s ratings agency warned it could move a step closer to cutting the U.S. triple-A credit rating if President Barack Obama's tax and unemployment benefit package became law.
The euro was also higher against the pound, with EUR/GBP easing up 0.02% to hit 0.8445.
Later in the day, the euro zone was to publish data on German economic sentiment while the U.S. was to release official data on retail sales and producer price inflation. In addition the Federal Reserve was to announce its federal funds rate.
EUR/USD hit 1.3418 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3408, gaining 0.13%.
The pair was likely to find support at 1.3181, Monday’s low and resistance at 1.3632, the high of November 23.
The euro advanced amid optimism that European leaders would agree to take more actions to reduce sovereign-debt concerns at a summit to be held later in the week.
The single currency was also supported by a drop in U.S. Treasury yields and after Moody’s ratings agency warned it could move a step closer to cutting the U.S. triple-A credit rating if President Barack Obama's tax and unemployment benefit package became law.
The euro was also higher against the pound, with EUR/GBP easing up 0.02% to hit 0.8445.
Later in the day, the euro zone was to publish data on German economic sentiment while the U.S. was to release official data on retail sales and producer price inflation. In addition the Federal Reserve was to announce its federal funds rate.