Euro Drops From Recent Range Highs After Juncker Comments

January 15, 2013 in Forex Fundamentals and News

Euro Drops From Recent Range Highs After Juncker Comments

The EURUSD currency pair (euro/dollar) has retraced from the early week highs, and is now testing prior resistance, after Jean-Claude Juncker – head of the group of euro-area finance ministers – said that the euro is currently trading at a “dangerously high” level.

The euro dropped almost 1% to trade around $1.3265, the largest daily basis decline since January 3rd, before finding a near term element of support and consolidating marginally higher. The downside move likely gained momentum after stop orders below the key 1.3300 area were hit.

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