FXstreet.com (Córdoba) - The Dollar is extending its gains against the Euro on Friday, helped by a big sell-off in stocks. EUR/USD fell to 1.4708, posting a fresh intra-day low. Currently trades at 1.4718/21, 0.80% below today's opening price. The pair has fallen more than 80 pips since the beginning of the American session and remains under pressure. Below 1.4700 the next support lies at 1.4685/90.
Michael J. Malpede, analyst at Easy Forex affirms: Yesterday, the ECB's Weber said that the ECB will soon announce its exit strategy. The trade will be monitoring the press conference following the ECB policy meeting for clues as to the timing of when the ECB plans to begin its exit strategy. The EUR has failed to rise back above 1.5000. This generates speculation that the EUR may be vulnerable to further weakness. The trade is closely watching uptrend support around 1.4600. A break of this level could signal a deeper downside technical correction for the EUR.