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The EUR/USD  is  showing slight gains  as we begin the trading week.  With little to report from last week’s EU Summit, the markets are focusing on the regional  elections in Spain which  took place on the weekend.  Spanish PM Mariano Rajoy received a major boost as his  center-left Popular Party increased its majority in  Rajoy’s home region of Galicia. However, the uncertainty over a Spanish bailout continues to weigh on the  euro.  Will this electoral victory  lead  Madrid to postpone requesting a bailout? There are no scheduled releases out of the Euro-zone or the US today.

Here’s an update about technical lines, fundamental indicators and sentiment regarding EUR/USD.

EUR/USD Technical

  • Asian session: Euro/dollar  edged higher, and consolidated  around 1.3050. The pair  has edged higher  in the European session.
  • Current range: 1.3060 to 1.3105.

Further levels in both directions:    

  • Below: 13060, 1.30, 1.2960, 1.29, 1.2814, 1.2750, 1.2670, 1.2624 and 1.2587.
  • Above: 1.3105, 1.3170, 1.3290, 1.34, 1.3437 and 1.3480.
  • The pair has strengthened and pushed above 1.3060. 1.30  is strong on the downside.
  • 1.3105  is the next line of resistance.

Euro/dollar  steady following  Spanish regional elections- click on the graph to enlarge.

EUR/USD Fundamentals

  • 17:30 US FOMC Member Sandra Pianalto Speaks.
For more events and lines, see the Euro to dollar forecast

EUR/USD Sentiment