EUR/USD Retreating Again
June 30, 2010 by admin · Leave a Comment
Having reached an intraday high around 1.2297 in the past hour, EUR/USD is again retreating from the 1.2300 area, despite market is on risk aversion mood.
Strength of the common currency comes from crosses such as EUR/CHF and EUR/GBP short covering, after past journeys’ slump, pulled them to multi years or even historical lows.
Some profit taking of sellers amid strong gains reached yesterday are supporting the case. However, euro is still unable to overcome static resistance against greenback, the above mentioned 1.2300 zone.
