Forex Trading: Euro Gaps Higher On Bailout Fund
The EUR/USD pair gapped higher over 200 pips early in Asian trading on reports that EU Finance Ministers held a summit over the weekend to create an emergency fund to stop the sovereign-debt crisis spreading through Europe, the emergency fund is reported to be worth approximately 500m euros. The 4+% decline in the Euro last week was the largest weekly decline since the Lehman Brothers collapse and surely helped spark the meeting. On the weekly chart below we see the Euro has rallied back to what was formerly trendline support and the move from here could go a long way to showing how the next few trading sessions will play out.
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