Technical Crossover Could Break EURUSD 1.5000

Overnight, the EURUSD hit a low of 1.4828 before surging strongly back to 1.4940. A bullish stochastic crossover resulted and suggests further advancements are possible that could test resistances at 1.4970 and 1.5010 - see chart.

With the Dow Jones Future showing a positive North American opening, investors are opting to support high yielding currencies to the detriment of the Dollar.

The UK Rightmove House Price Index provided a significant improvement by posting a rise of 2.8% in October versus a 0.6% rise in September.

However, the GBPUSD responded by rallying only to 1.6310 because of increasing speculation that the Bank of England may increase its asset purchase program to aid the UK‘s struggling economy..

Later today, Ben Bernanke is due to speak. With investors seeking clues to future policy, any negative comments could add to the Dollar’s woes.