The EUR/USD tested levels above the 1.4020 zone that capped the upside during the European session. The pair trimmed losses and currently is trading less than 40 pips below the price it had at the beginning of the day after reaching at 1.4026 a new American session high.
“The EUR/USD has found support to bounce after a quick reaction of Italian and in general the euro zone area to latest developments of the crisis, and much worse than expected US Trade Balance,” said Valeria Bednarik, collaborator at FXstreet.
From a technical perspective, Bednarik pointed out that the EUR/USD “seems ready to regain 1.4000 as indicators began a correction from oversold extremes, and extend gains towards the 1.4060/80 area, once recent intraday high at 1.4025 is overcome.”
The Euro moved off session lows across the board but still remains trading with losses.
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