FXstreet.com (Córdoba) - The Euro is pulling back from the highs of the American session on falling stocks. Stocks are now mix in the U.S. moving away form the highs. EUR/USD rose to 1.4887 but then pulled back sharply to 1.4813. Current level at 1.4825/28 is 0.16% below today's opening price.
James Hyerczyk, analyst at ForexHound.com, comments: Overnight, the EUR USD main trend turned down on the daily chart on the break under 1.4801 but selling pressure dried up, triggering a late morning recovery rally. The short-term chart pattern suggests that rally to 1.4950 is likely before new sellers arrive.
Ben Bernanke spoke at the Economic Club in Washington. He said that the U.S. economy faces headwinds and that credit conditions are tight and labor market is still weak. These current situations will keep the economic expansion at a moderate pace according to FED's chairman.