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EUR/USD extends recovery from 1.2500

FXStreet (Córdoba) - EUR/USD has extended its recovery from the 1.2500 area to fresh daily highs beyond 1.2560 as US dollar retreats across the board following Friday’s NFP induced rally.

Euro is among the best performers, having climbed nearly 60 pips throughout the day to hit a high of 1.2567 in recent dealings, supported by profit-taking and better risk sentiment. At time of writing, EUR/USD is trading at 1.2560, recording a 0.44% gain on the day, following a 1.25% drop Friday in the wake of solid US nonfarm payrolls.

EUR/USD has been in a steady bearish bias since May amid diverging monetary policy outlooks between the ECB and the Fed, having dropped over 10% ever since and hit a 2-year low of 1.2500 so far.

EUR/USD technical perspective

“The downtrend has been renewed and the outlook is bearish below 1.2570 resistance, for a slide towards 1.2440, en route to 1.2260”, said Stoyan Mihaylov, analyst at Deltastock. “Crucial on the upside is 1.2700 peak”.

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