FXstreet.com (Córdoba) - Greenback failed to hold below 1.4600 against the Euro. EUR/USD fell to 1.4585 during the American session but it was rejected from there and rose to 1.4625. Despite the recovery of the European currency, the pair is still down, 0.57% from the opening price. EUR/USD fell earlier to 1.4560 posting the lowest price in more than a week.
According to the Forex.com research desk: In a likely surprise to the systematic trading community, the extremely robust correlation between EUR/USD and equities broke down today. These two had enjoyed a 97% positive relationship all month. EUR/USD opened NY trading at 1.4642 and squeezed down to a 1.4588 low midway through. Most of the drop was on the back of comments from ECB President Trichet. His musings were decidedly bullish on the greenback. He said that it is ''extremely important'' to have a strong dollar and that such an outcome is in the US interest. This still looks to be keeping the pair under pressure and we would expect better sellers ahead of important hourly trendline resistance at 1.4677 currently.