Forex Blog

Today EUR/USD hit 1.3738 mark renewing its maximum since 1995. So we are at the almost twelve years maximum now and the possibilities for going even farther are getting higher and higher. Not many reasons for such a strong Euro rally for today. The only good ones I can think of - oil prices rising and some Eurozone financial leaders speaking of support for an expensive Euro. Other than that - only some really powerful bullish speculators could EUR/USD in such a dramatical way. Anyway, it’s a good time to be in the market and get some more pips on falling dollar when EUR/USD breaks the 1.3800 level.

Last day of a Forex trading week brought some good results for EUR/USD currency pairs, moving it past 1.3450 level (but still not breaking the recent downtrend). The main reasons of such behavior of EUR/USD can be seen in slightly better than expected April industrial orders which in year-to-year period changed by +12.2% against +8.7% anticipated by experts. Also, Jean-Claude Trichet, President of ECB, spoke about Eurozone economics marking it mostly in very optimistic epithets, that could give Euro bulls some hope for the faster interest rates increase by ECB.