The EUR/USD pair bottomed after the beginning of the US session at 1.1202 and then tested daily lows but remains on top of 1.1200. The bias continues to point to the downside.
The euro weakened earlier today following the release of the ZEW survey that showed lower than expected numbers for Germany and the Eurozone. It extended the decline later on the back of a stronger US dollar against majors. The DXY is up 0.20% recovering from weekly lows.
Despite rising versus European currencies, the greenback is modestly lower against emerging market currencies. The improvement in risk sentiment in Wall Street, where the DOW JONES is up 1.30% after yesterday’s slide, is helping the demand for EM currencies but not the euro.
Source : FXstreet