The Euro rises above 1.2130 as expected, after risk-on sentiment weighed on the safe-haven US Dollar. The US Treasury Secretary nominee Janet Yellen urged lawmakers not to worry with higher debt burden and to “act big” in the fiscal relief department, to avoid a prolonged downturn in equities. Yellen’s comments put a bid under the US stocks, lifting major indices higher along with the single currency. If price breaks above the 200-SMA, then 1.2220 will be our next target.
Support: 1.2130 / 1.2065
Resistance: 1.2175 / 1.2220
