Investing.com – The euro rose to a two-day high against the U.S. dollar on Tuesday, after European Central Bank President Jean-Claude Trichet indicated that the bank may hike interest rates next month.
EUR/USD hit 1.4144 during late Asian trade, the pair’s highest since Friday; the pair subsequently consolidated at 1.4133, gaining 0.33%.
The pair was likely to find support at 1.4019, Monday’s low and a six-day low and resistance at 1.4247, the high of March 22 and a four-month high.
On Monday, ECB head Jean-Claude Trichet said inflation in the euro zone was "durably" above the central bank's target, underlining the view that the bank will raise interest rates in April.
However, the single currency’s gains were limited amid lingering uncertainty over the regions sovereign debt crisis after European Union leaders failed to finalize a long-term bailout plan at a summit on Friday.
The euro was also up against the pound, with EUR/USD rising 0.19% to hit 0.8824.
Earlier in the day, data showed that German consumer confidence for April dropped slightly. The Munich based GfK Group said its consumer sentiment index fell to 5.9 points from 6 points in March. The expected score for April was 5.8 points.
EUR/USD hit 1.4144 during late Asian trade, the pair’s highest since Friday; the pair subsequently consolidated at 1.4133, gaining 0.33%.
The pair was likely to find support at 1.4019, Monday’s low and a six-day low and resistance at 1.4247, the high of March 22 and a four-month high.
On Monday, ECB head Jean-Claude Trichet said inflation in the euro zone was "durably" above the central bank's target, underlining the view that the bank will raise interest rates in April.
However, the single currency’s gains were limited amid lingering uncertainty over the regions sovereign debt crisis after European Union leaders failed to finalize a long-term bailout plan at a summit on Friday.
The euro was also up against the pound, with EUR/USD rising 0.19% to hit 0.8824.
Earlier in the day, data showed that German consumer confidence for April dropped slightly. The Munich based GfK Group said its consumer sentiment index fell to 5.9 points from 6 points in March. The expected score for April was 5.8 points.