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EUR/USD Reversal – Back to 1.1700?
EUR/USD staged a sharp intraday reversal today, ending the day at its lows after hitting a 3 week high of 1.1860. This morning’s Eurozone economic reports were better than expected with the region’s trade surplus growing. The dollar is strong despite mixed US data. If the House passes their version of the tax bill tomorrow, we could see a further lift in the greenback. Technically, EUR/USD is very weak and while today’s reversal still leaves the pair above the 50-day SMA, the next stop should be the 100-day SMA near 1.1740.