EUR/USD rises to the mid 1.4400 level, receiving boost from the Asian Market. Intraday bias remains on the upside, as long as the 1.4305 minor support line is not broken. On the upside, if the 1.4694 high is broken it will continue the bullish sentiment with more force to the 1.4936 major resistance line.

EUR/USD drop came as surprise to many traders and analysts, many were just waiting for just confirmation of an interest hike for July 2011 and they got it … but ECB President Jean-Claude Trichet made the interest rate hike for July 2011 sound as a “one time event” and not a serious of interest hikes to come, since inflation wasn’t expected to rise above 1.7% till 2012.

The markets are trading on the flat line today which is a victory. The big question is, can it hold and build the day into a positive move. The reason for the victory today is simple. The Dollar is spiking higher on the session off of more bearish news out of Greece. This is hitting the Euro, thus spiking the Dollar.

EUR/USD breaks above the 1.4500 level and reaches the 1.4516 high. Intraday bias remains on the upside, as long as the 1.4124 minor support line is not broken. On the upside, the currency pair is expected to advance further when the new bailout for Greece is announced; look for the 1.4586 major resistance line to be broken.