Forexpros – The euro pushed higher against the U.S. dollar on Wednesday, supported by hopes that a refinancing operation by the European Central Bank later in the day would alleviate some of the pressure caused by the debt crisis in the region. EUR/USD hit 1.3128 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3113, gaining 0.24%. The pair was likely to find support at 1.2992, Tuesday’s low and resistance at 1.3236, the high of December 13. The ECB was to make its first offering of three-year loans, introduced after the bank’s policy meeting earlier this month, to ensure that banks have ample funding in order to avert a liquidity shortage in the euro zone. The euro posted strong gains against the dollar on Tuesday after an auction of Spanish government debt saw the country’s short-term borrowing costs fall sharply. An unexpected improvement in German business sentiment and stronger-than-expected U.S. housing data also buoyed markets. The euro was also higher against the pound, with EUR/GBP rising 0.12% to hit 0.8362. Later Wednesday, the U.S. is to produce industry data on existing home sales.

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