Forex: EUR/USD back below 1.4150
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Forex: EUR/USD back below 1.4150FITITOL–>FXstreet.com (Córdoba) – The Dollar continues to recover against the Euro. EUR/USD tested 1.4200 during the American session but failed to break above. Currently the pair is below 1.4150 losing part of previous gains. On the downside, support lies at 1.4120 (lowest of the session). The Euro reached a four-week high at 1.4201. Greenback weakened after the ADP employment and continued in that way after the opening bell at Wall Street. Despite being more than 50 pips away from intra-day high, EUR/USD is up 0.80% so far today from the opening price.
Michael J. Malpede, analyst at Easy Forex affirms: “Focus turns to the release of US unemployment for June and ECB policy meeting Thursday. US unemployment is expected to rise but at a slower pace. ECB officials have indicated that current monetary policy is appropriate and no change is expected from the ECB at Thursday’s meeting. USD price traction remains closely tied to speculation about the outlook for the US and global recovery. Data that raises recovery hopes is negative for the USD. Data that dampens optimism about the recovery tends to support the USD.”
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