FXstreet.com (Buenos Aires) - After being oversold for several weeks against major rivals, greenback reach intraday overbought conditions against several majors during American session, following a strong come back to safety.
While commodity currencies were the bigger losers today, Euro has been the one that suffered the most among
Europeans: the hegemonic currency slump against dollar and yen, reaching fresh two-week lows against both safe havens. Due to current conditions, Euro likely to correct to the upside, yet if risk aversion continues pushing local shares lower, expect the correction to remain short lived, before next downward movement. Key support lies at the 1.4700 area, 61.8% of this month rally.