The euro rose in early Asian trading on Tuesday after bottom fishers brought the currency up from a near two-year low on sentiment a eurozone summit of finance ministers will produce measures to help contain the debt crisis.
In Asian trading on Tuesday, EUR/USD was trading up 0.07% at 1.2321, up from a session low of 1.2270 and off from a high of 1.2324.
The pair was likely to find support at 1.2256, the low from July 8, and resistance at 1.2401, the high from July 6.
The euro took a hit recently as investors raced to the dollar on news that job demand remains weak in the U.S., the European economy faces building headwinds while China's economy continues to cool its growth.
However, a eurozone summit of finance ministers taking place in Brussels brought out bargain hunters on Tuesday, especially considering a larger European Union summit last June produced concrete results to battle the debt crisis, such as allowing bailout funds to directly recapitalize banks.
Still, traders were cautious.
European Central Bank President Mario Draghi has said second-quarter economic indicators point to a weaker eurozone economy and added before the European Parliament that inflation will most likely decline further in 2012 and fall below 2% in 2013.
Borrowing costs remain sky high in Spain, where the yield on 10-year government debt climbed to 7.11% earlier this week.
Yields over 7% are widely viewed as unsustainable and point to a country in need of a bailout.
Also in Europe, confidence continues to wane.
The German Sentix research institute reported that its investor sentiment index for the entire eurozone economy fell to -29.6 in July from -28.9 in June, the worst level in three years.
Markets were forecasting a -26.7 reading.
The euro, meanwhile, was up against the pound and down against the yen, with EUR/GBP up 0.04% at 0.7934 and EUR/JPY trading up 0.08% at 98.03.
In the eurozone later Tuesday, French industrial production data will publish.
Markets will also track the eurozone finance ministers during their second day of talks in Brussels.
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