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EUR/USD update (25th June 2012, 15:15)

The common currency fell 0.44% to $1.2496 on uncertainty surrounding the upcoming EU summit. 

The agenda is likely to include discussions about a banking union across the eurozone, closer fiscal integration and a common debt fund. Some progress was made at Friday's meeting between Francois Hollande, Angela Merkel, Mariano Rajoy and Mario Monti as Germany agreed to pump in €130 billion to aid eurozone growth.

On Friday the ECB also relaxed its collateral rules to let financial institutions pledge an array of securities for cash, thereby easing pressure caused by the recent credit rating downgrades.

Technically EUR/USD seems to have resumed a downtrend with the Moving Average Convergence Divergence indicator (MACD) on the daily charts approaching a bearish crossover. The currency is also trading below the 50-day, 100-day and 200-day moving averages of $1.2711, $1.2950 and $1.3069 respectively. Any upside is likely to be limited with resistance seen at the $1.2680 level. Traders will be keen to see whether recent support at the $1.2360 level can hold. 
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EUR/USD update (25th June 2012, 15:15)

The common currency fell 0.44% to $1.2496 on uncertainty surrounding the upcoming EU summit. 

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