EUR/USD opened the Asian trade at 1.3540 after losing ground on Wednesday when U.S. equities and commodities fell hard.
The pair traded down to 1.3520 in early Asia where it found moderate buying interest on the back of improved investor sentiment, which initiated EUR/USD short covering ahead of the German vote on expanding the EFSF powers later today. The German parliament is expected to vote in favor of a rescue package agreed by European Union leaders, which includes a new Greek bailout plan and an expansion of the euro-zone rescue fund (EFSF).
At the time of writing, EUR/USD is quoted in the 1.3615 price zone, 75 pips above its opening price. Minor resistance at 1.3585 has been breached and reported sell orders near 1.3625 provide the next line of resistance, according to Sean Lee, Editor at ForexLive.
