Date : 14 July 2014
EURUSD PUSHED HIGHER IN THE EUROPEAN SESSION. ECB PRESIDENT DRAGHI SPEAKS IN STRASBOURG TODAY.
EURUSD dropped on Friday and closed at 1.3604. Worries over the troubles in the European banking system pushed the Euro lower. The Prime Minister of Portugal Pedro Passos Coelho assured that the tranquility of the financial and banking system in the country will be well maintained and that the government would not have to intervene and bailout Banco Esprito Santo.
Over the weekend the Bundesbank President Jens Weidmann called for an earliest as possible tightening of the ECBís monetary policy as the current interest rates of the European Central Bank are too low for Germany.
A release today indicated that the Industrial Production in the Eurozone dropped to a reading of -1.1 percent in May. Investors are now looking forward for the speech of the President of the European Central Bank Mario Draghi in Strasbourg.
Support for the EURUSD is seen at 1.3590 and resistance is seen at 1.3647.
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