Technical Analysis

EUR/USD eases back under February high as dollar steadies so far today

EUR / USD falls back to a high of 1.2233 on February 25

EUR / USD D1 26-05
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The euro is struggling to gain momentum today, and part of it may owe to the ECB’s late mixed comment.

Panetta’s comments here does not pay much attention, but it is worth taking this into account, given that it points to a contrast with the position taken by the ECB over the last few weeks.

This could help ease the growth of the euro if other central bank policymakers start making similar comments before the next meeting on 10 June.

As for the technical side of things, falling back to its highest level on February 25, @ 1.2243, would be a severe blow to buyers trying to keep up with the recent rise.

So far, the dollar has remained more stable, unchanged in its entirety, with the exception of some kiwi and aussie losses – due to the first rise since the RBNZ adopted a sharper stance.

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