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EUR/USD rebounds and rises above 1.1215

FXStreet (Córdoba) - EUR/USD bounced from daily lows and rose toward the 1.1215 area; it broke above and reached a fresh daily high at 1.1232. Currently is hovering near the highs, holding a bullish tone as stocks tumbled in Europe and Wall Street.

The euro gained momentum against the US dollar and also versus the pound and commodity currencies during the American session. In Europe, stocks are about to close with important losses. The FTSE 100 is down 2.21% and the Dax 1.79%. In the US, the Dow Jones was falling 1.11% and the Nasdaq 1.74%.

EUR/USD still below the daily 20-SMA

The Euro remains unable to rise back above the daily 20-SMA that currently stands at 1.1235/40. On Thursday it traded above but failed to hold and finished the day below. Today is approaching to the mentioned level. A daily close on top could give support for the euro.

The downside still remains capped above 1.1100. Today the pair bottomed today at 1.1145 and bounced to the upside. The intraday trend now favors the upside but the pair continued to trade near the key support area located between 1.1080 and 1.1100.

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