The European shared currency is trading sideways against its American counterpart, having reached a new 3-week high at 1.4534 only to get rapidly repelled back down towards a session low of 1.4491. At the time of writing, the rate stabilizes around 1.4500 handle.
As reported Predicted Markets, the pair has rallied for 4 of the past 6 sessions and Tuesday was the highest closing level seen since Monday 4th July 2011, 16 trading days ago.
Meanwhile, analysts at Wells Fargo Bank claim that although they have become more positive on the Euro, they think that its advance is going to be limited as there’s evidence of the Euro zone’s economic slowdown and remained uncertainty about the possibility of further contagion. As a result, the pair EUR/USD has potential to gain during the next few weeks, but it will be capped by the June maximum in the 1.4700 area.
As reported Predicted Markets, the pair has rallied for 4 of the past 6 sessions and Tuesday was the highest closing level seen since Monday 4th July 2011, 16 trading days ago.
Meanwhile, analysts at Wells Fargo Bank claim that although they have become more positive on the Euro, they think that its advance is going to be limited as there’s evidence of the Euro zone’s economic slowdown and remained uncertainty about the possibility of further contagion. As a result, the pair EUR/USD has potential to gain during the next few weeks, but it will be capped by the June maximum in the 1.4700 area.