Investing.com - The euro held gains against the U.S. dollar on Wednesday, trading close to a six-week high as investors continued to hope that European leaders will hammer out a deal to solve the region's debt crisis at this week's key summit.
EUR/USD hit 1.3940 during early European afternoon trade, the daily high; the pair subsequently consolidated at 0.8703, rising 0.15%.
The pair was likely to find support at 1.3821, the low of October 24 and resistance at 1.4061, the high of July 12.
Expectations for a breakthrough on a plan to tackle the debt crisis in the euro zone were dented after a meeting of the region’s finance ministers, scheduled to take place ahead of the summit, was cancelled.
But the euro remained supported as, over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund.
Earlier Wednesday, German Chancellor Angela Merkel assured that European leaders will work towards a sustainable solution to the debt crisis at the Brussels summit.
Elsewhere, the euro was also up against the pound with EUR/GBP rising 0.13%, to hit 0.8704.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.
EUR/USD hit 1.3940 during early European afternoon trade, the daily high; the pair subsequently consolidated at 0.8703, rising 0.15%.
The pair was likely to find support at 1.3821, the low of October 24 and resistance at 1.4061, the high of July 12.
Expectations for a breakthrough on a plan to tackle the debt crisis in the euro zone were dented after a meeting of the region’s finance ministers, scheduled to take place ahead of the summit, was cancelled.
But the euro remained supported as, over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund.
Earlier Wednesday, German Chancellor Angela Merkel assured that European leaders will work towards a sustainable solution to the debt crisis at the Brussels summit.
Elsewhere, the euro was also up against the pound with EUR/GBP rising 0.13%, to hit 0.8704.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.