FXstreet.com (CÃ³rdoba) - The rally of the Euro eased in the last hours. EUR/USD rocketed during the American session rising from 1.4130 to 1.4265, intra-day high. Currently the pair is pulling back from the highs to 1.4230. EUR/USD is 0.75% above today's opening price. The Euro is rising for second day in a row.
According to James Hyerczyk of ForexHound.com: The EUR USD rallied sharply higher following the release of bullish EIA data which showed that crude stocks fell by 8.4 million barrels to 343.6 million barrels. This move renewed demand for higher risk assets and ignited talk of inflation, thereby weakening the U.S. Dollar. The Euro is trading inside of a range of 1.4447 to 1.4086 for the month. Today's rally is currently testing a key retracement zone at 1.4246 to 1.4293.