Ka-Pow! Euro Currency Fights Back Against Greenback (FXE)
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The value of the Euro currency ripped higher against the U.S dollar after reports out of the EU summit triggered a reversal. The value of the EUR/USD jumped over 150 pips, taking the spot price from near 1.2450 to a high of around 1.2620 – a huge intraday move. Since then, the spot rate has settled back toward the 1.2580 area.
CurrencyShares Euro Trust (NYSE: FXE) which tracks the EUR/USD spot rate, is expected to open higher as the Euro currency gained 1 percent overnight.
Other currencies have also softened against the Euro, including GBP and JPY.
In the short term, EUR/USD will look to retake and hold levels at 1.2620, with more upside resistance consolidated around the 1.2700 level.
CurrencyShares Euro Trust (NYSE: FXE) which tracks the EUR/USD spot rate, is expected to open higher as the Euro currency gained 1 percent overnight.
Other currencies have also softened against the Euro, including GBP and JPY.
In the short term, EUR/USD will look to retake and hold levels at 1.2620, with more upside resistance consolidated around the 1.2700 level.
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