FXstreet.com (Córdoba) - Greenback gains strength across the board helped by falling stocks. ERU/USD tumbled from 1.4950 to 1.4880, posting the lowest price of the day. The pair is now falling and trades at 1.4884/88, 0.53% below today's opening price.
The Euro has fallen more than 60 pips in the last hours and almost a hundred so far, during the American session. During the Asian session, the pair peaked at 1.4994, posting a fresh 14-month high.
According James Chen, Chief analyst at FX Solutions: The overall trend and directional bias continue to be bullish, although the short-term uptrend since the beginning of this month has been excessively steep. Therefore, a bearish correction may soon be in the making, with strong dynamic support residing around the bottom border of the parallel uptrend channel.