Euro breaks above important technical level
The euro extended gains against the dollar on Monday, rising above an important technical level that analysts say suggests the currency's rally is gaining momentum.
The euro rose above $1.3125 EUR=, a three-month high and the 38.2 percent retracement of a decline that began last November and ended in June around 1.1876, its lowest level since 2006. It was last up 0.6 percent at $1.3118.
Analysts said the break could provide momentum to take the euro higher, with $1.3510 marking the 50 percent retracement of the November-June move. (Editing by James Dalgleish)
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