Investing.com – The euro edged lower against the U.S. dollar on Monday, retreating from a five month high, amid renewed concerns over the strength of the euro zone banking sector.
EUR/USD hit 1.3447 during early European trade, daily low, the pair subsequently consolidated at 1.3470, shedding 0.15%.
The pair was likely to find support at 1.3285, last Friday's low and resistance at 1.3584, the high of April 16.
On Saturday, Der Spiegel reported that European Commission officials are concerned that three regional banks in Germany may pose a threat to market stability.
The report came just a day after European Union competition commissioner Joaquin Almunia expressed doubts about the long-term viability of another German bank, Hypo Real Estate.
The euro was also down against the pound, with EUR/GBP shedding 0.22% to hit 0.8509.
Later in the day, the president of the European Central Bank Jean-Claude Trichet was to testify before the Committee on Economic and Monetary Affairs of the European Parliament.
EUR/USD hit 1.3447 during early European trade, daily low, the pair subsequently consolidated at 1.3470, shedding 0.15%.
The pair was likely to find support at 1.3285, last Friday's low and resistance at 1.3584, the high of April 16.
On Saturday, Der Spiegel reported that European Commission officials are concerned that three regional banks in Germany may pose a threat to market stability.
The report came just a day after European Union competition commissioner Joaquin Almunia expressed doubts about the long-term viability of another German bank, Hypo Real Estate.
The euro was also down against the pound, with EUR/GBP shedding 0.22% to hit 0.8509.
Later in the day, the president of the European Central Bank Jean-Claude Trichet was to testify before the Committee on Economic and Monetary Affairs of the European Parliament.