EUR/USD Is Down, But Off The Low

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EUR/USD Is Down, But Off The Low

By Greg Michalowski on June 24, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

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The EURUSD is down on the day, keeping the 6 day up/down/up/down… pattern in tact- so far at least. The EURUSD closed at the 1.4078 .

The data out of the US today was better than expected. This may give stocks a boost today. When the stocks rise it has been leading to higher EURUSD, lower JPY (higher Yen cross pairs like EURJPY, AUDJPY, etc) and higher commodities and commodity currencies. Perhaps the EURUSD will move into positive territory today. Watch the 1.4078 level. A move above would be a positive developement and should lead to a more favorable tone for the pair.

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