Investing.com – The euro was steady against the U.S. dollar on Wednesday, trading close to a six-week high amid concerns that a key EU summit meeting would disappoint expectations after a planned a meeting of European finance ministers was cancelled.
EUR/USD hit 1.3940 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3921, easing up 0.10%.
The pair was likely to find support at 1.3821, Monday’s low and short-term resistance at 1.3959, Tuesday’s high and a six-week high.
Expectations that EU leaders would make progress on a plan to contain the debt crisis in the euro zone were dampened after a meeting of euro zone finance ministers, scheduled to take place ahead of the summit, was cancelled.
Over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund, but divisions over restructuring Greek debt remained.
Meanwhile, the euro was fractionally higher against the pound, with EUR/GBP inching up 0.03% to hit 0.8694.
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 late Asian trade, the daily high; the pair subsequently consolidated at 1.3921, easing up 0.10%.
The pair was likely to find support at 1.3821, Monday’s low and short-term resistance at 1.3959, Tuesday’s high and a six-week high.
Expectations that EU leaders would make progress on a plan to contain the debt crisis in the euro zone were dampened after a meeting of euro zone finance ministers, scheduled to take place ahead of the summit, was cancelled.
Over the weekend, EU leaders had neared an agreement on bank recapitalization and expanding the firepower of the euro zone’s bailout fund, but divisions over restructuring Greek debt remained.
Meanwhile, the euro was fractionally higher against the pound, with EUR/GBP inching up 0.03% to hit 0.8694.
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.