Third time’s a charm for the euro – the pair breaks 1.30 in the third attempt on ongoing dollar weakness. The previous rises were on May 22nd and May 24th.
The pair is still struggling around the round number.
Update: EUR/USD breaks 1.30 once again. It seems that it has more conviction this time as it already touches the next resistance line.
Update 2:Â US pending home sales disappoint and EUR/USD extends its gains.
EUR/USD made two previous attempts in the past week or so, but couldn’t touch 1.30. The third attempt seems to have worked, at least it is enough to send the pair to 1.3005.
Update: After the initial breach, the pair fails to hold ground above 1.30. Was it only a move to break barrier options or double no touch options?
The dollar has been on the retreat towards the end of the month, despite more hints about tapering QE. This could be an early “end of month†fixing for fund managers that need to readjust their portfolios. May saw big gains for the greenback.
The pair has been trading in a relatively narrow range recently: 1.28 to 1.30, while other currency pairs enjoyed bigger ranges. This raises the suspicion of a DNT between 1.28 and 1.30.
See more in the euro to USD forecast. Here is a live graph:
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