FXstreet.com (Córdoba) - Greenback got stronger across the board in the last hour and recovered most of the losses that occurred after the opening bell at Wall Street. EUR/USD could not hold above 1.4670 and tumbled 70 pips in a few minutes falling below 1.4595. Dollar failed to hold below 1.4600 but currently the pair is trading at 1.4610/15, is 0.60% below today's opening price action at 1.4704.
The FastBrokers Research Team affirms: Due to the lack of EU economic data this week, the EUR/USD will rely upon the performance of U.S., British, and Japanese economic data. Therefore, the EUR/USD should ultimately follow the path of U.S. equities and gold. We are beginning to disfavor U.S. equities while the GBP/USD and USD/JPY continue to make clear commitments to longer-term downtrends. The relative strength in the EUR/USD could gradually deteriorate if the currency pair's positive correlations don't cooperate. Hence, we maintain our neutral outlook trend-wise on the EUR/USD until we get a clearer indication of where markets are headed or a change in monetary policy behavior from the ECB.