Range break out provides Euro support

The Euro advanced to its highest level this year breaking above the strong resistance at $1.3340 after Greece secured a second bailout for €130 billion.

26th February, 2012
Range break out provides Euro support
Vincent Killeen.

The Euro advanced to its highest level this year breaking above the strong resistance at $1.3340 after Greece secured a second bailout for €130 billion and on news that German business confidence rose to its highest level in seven months.

The Euro's gains are impressive considering the EU Commission slashed Euro area growth forecasts for 2012 from 0.5% to 0.3% and confirmed that the Eurozone had entered its second recession in three years.

As fears for a Greek default...

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