EUR/USD – Greenback Retraces 38.2% of Recent Rally
EUR/USDThe Euro-Dollar pair fell overnight after testing the 1.4965 area prior to the European session’s open. European stocks went on to open lower, which increased risk aversion and prodded traders to retrace the recent three session upswing in the pair from 1.4650 to the before mentioned high. The correction touched the 1.4850 level, which was a 38.2% retracement of the recent 300 pip upswing. Following better news from the US, the pair recovered its previous losses and was trading near its high as of noon NY time.
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