24 Aug 2015
EUR/USD retreats from 1.17, toward 1.1600
FXStreet (Córdoba) - EUR/USD declined more than a hundred pips from daily highs and currently is trading at 1.1560/80, 210 pips above the level it closed on Friday. Greenback is trimming losses against the yen and European currencies as stocks in Wall Street move of session lows. The Dow Jones index is now losing “only” 2.05% or 340 points after being down more than a thousand points.
Less than an hour ago EUR/USD soared and peaked at 1.1717, reaching the strongest level since early January. The euro is rising for the fourth trading day in a row against the US dollar, accumulating a gain higher than 500 pips.
EUR/USD: A reversal likely?
The rally of the euro lost strength at around 1.17, hitting a possible top in the short term. Greenback holds remain under pressure in the market and volatility, despite falling during the last hour, still remains elevated.
According to Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, in order for a reversal to take place, EUR/USD will have to fall back below 1.15.
Less than an hour ago EUR/USD soared and peaked at 1.1717, reaching the strongest level since early January. The euro is rising for the fourth trading day in a row against the US dollar, accumulating a gain higher than 500 pips.
EUR/USD: A reversal likely?
The rally of the euro lost strength at around 1.17, hitting a possible top in the short term. Greenback holds remain under pressure in the market and volatility, despite falling during the last hour, still remains elevated.
According to Mark Chandler, Global Head of Currency Strategy at Brown Brothers Harriman, in order for a reversal to take place, EUR/USD will have to fall back below 1.15.