(Bloomberg) -- The euro’s gains against the dollar may persist, Helaba Landesbank Hessen-Thueringen said, citing technical indicators. The moving average convergence/divergence, or MACD, showed the euro’s rising trend against the dollar is “intact,” Ralf Umlauf, head of floor research at Helaba in Frankfurt, wrote today in a report. The directional movement indicator, or DMI, also signals gains by the common currency, he said.“The MACD is heading higher above its trend line so that’s supportive for the euro,” Umlauf said in an interview. “The DMI, a trend indicator, is also in buy mode.”
The euro rose 0.3 percent to $1.4280 as of 10:14 a.m. in London after climbing to $1.4304, the first time it breached $1.4300 since June 3.For gains to continue in the short term, the euro must “overcome” so-called resistance at $1.4338, reached on June 3, Umlauf said. Resistance is a point where sell orders may be clustered.
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