Euro May Rise Toward $1.46 If Resistance Breached, Helaba Says

By Daniel Tilles

July 16 (Bloomberg) -- The euro may rise toward $1.46 should it breach so-called resistance at $1.4122, according to Helaba Landesbank Hessen-Thueringen.

“Exchange rates of around $1.46 should then be reckoned with,” Ralf Umlauf, head of floor research at Helaba in Frankfurt, wrote today in a report. “This would still be within the upward trend corridor that became established in February.”

The euro may find so-called support against the dollar at $1.4000, $1.3960 and between $1.3900 and $1.3912, Umlauf said.

The common European currency fell 0.3 percent to $1.4070 as of 7:26 a.m. in London. It rose as high as $1.4117.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net