Euro is trading at 1.158 against Dollar as of now and today it breached 1.16 level and looking to challenge upside further. So far this year, it is up around 6.7% and in past seven days it has strengthened around 3.3% against the green buck.
Such a long stretch of winning against Dollar isn’t very common. Last time the single currency strengthened against Dollar for seven consecutive days was back in December 2013 and in December 2012 before that. If Euro gains again tomorrow, it will be its longest winning stretch since September 2009.
While Euro seems to have the momentum required for further gains and Dollar is looking to drop further and complete its first correction since 2014 run, it may go for a break.
Major focus will be on wage growth component to be released in Friday’s non-farm payroll report.
Next point ahead of Euro lies around 1.17 area, the high it made last summer, amid market turmoil, stemming from China. But it seems to have potential to test 1.19-1.2 area.
The material has been provided by InstaForex Company – www.instaforex.com