FXstreet.com (Córdoba) - The rally of the Dollar against the Euro eased in the last hours. EUR/USD bottomed at 1.4080, 5-month low. Form there the pair rose back above 1.4100 to 1.4115.
Currently the pair trades at 1.4106/09, 1.26% below today's opening price. EUR/USD is suffering its biggest daily decline since mid December and is also headed toward the lowest daily close since August 17.
Euro broke through the December bottom at 1.4217, reaffirming the down trend on the weekly chart. The chart indicates that 1.3800 is the next major downside target, although 1.4000 may provide some psychological support, said James Hyerczyk, analyst at ForexHound.com. At this time, it looks as if the only event that can turn the Euro around will be if the EU or ECB provides help to Greece.