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EUR/USD approaches daily highs

FXStreet (Córdoba) - Despite USD strength, the EUR/USD is approaching daily highs. During the American session the pair has been able to erase losses and climbed to 1.3133, moving away from 2014 lows.

The Euro is showing resilience across the board. While many currency trades at daily lows versus the US dollar, the EUR/USD is trading slightly higher for the day.

EUR/USD ahead of ECB and key data

On Thursday the ">ECB will announce its decision on monetary policy while on Friday in the US the NFP report will be publish. Both events are expected to have a large impact on the forex market.

"It’s shaping up to be a huge week for the US Dollar, and FX traders are positioning for big moves virtually across the board. Short-term volatility prices in the Euro/US Dollar are at their most expensive since the European Central Bank cut interest rates in early June”, says David Rodriguez, Quantitative Strategist at DailyFX.

According to Rodriguez feels borderline irresponsible to call for a correction in the Euro but he notes that there are critical factors that warn of a potentially significant bounce in the EUR/USD.

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