26 July 2012, 17:47  Euro extends gain

The euro extended gains above the 1.2300 mark against the dollar after the latest string of US data showed jobless claims declined more than expected last week, while Jun durable goods orders rose sharply. EUR/USD broke above the 1.2300 psychological level after upbeat US data, hitting a fresh 1-week high of 1.2316. At time of writing, the cross is quoting at the 1.2300/05 zone, printing a gain of 1.2% on the day. The euro had already rallied as Draghi said the ECB would do whatever it takes to preserve the euro. If the euro manages to rise beyond 1.2315, next resistances could be faced at 1.2330/40, followed by the 1.2400 level. On the other hand, supports on dips are now seen at 1.2285, 1.2250 and 1.2220.

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