Stocks continue rising in the U.S. weakening the Dollar. Greenback remains near the lows of the day against the Euro. EUR/USD trades above 1.5100 near daily high that lie at 1.5120. Gold prices trade near record highs at 1,198. If it rallies above 1,200 the Dollar could fall further across the board and the Euro could rise to test year highs.
Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, comments on a wider view: ”The Euro held up better than expected last month, the US dollar under constant pressure, and has just managed weekly and monthly closes above the psychological 1.5000 level. This might add some bullish momentum for a short-squeeze into year-end, so allow for a rally to an area of poorly defined resistance between 1.5145 and 1.5465.”
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