Investing.com – The euro trimmed gains against the U.S. dollar on Monday, easing off a 6-day high, ahead of the release of key U.S. housing sector data.
EUR/USD retreated from 1.4080, the pair’s highest since October 15, to hit 1.4009 during European afternoon trade, gaining 0.39%.
The pair was likely to find support at 1.3857, Friday’s low and resistance at 1.4157, the high of October 15 and an 8-month high.
Earlier in the day, the dollar turned lower against the euro after a pledge by G-20 finance ministers to refrain from "competitive devaluation" of currencies boosted risk appetite.
Sentiment towards the dollar also suffered following a report by investment bank Goldman Sachs which suggested that the U.S. Federal Reserve may need to provide as much as another USD 4 trillion in additional quantitative easing.
The euro was also up against the pound, with EUR/GBP gaining 0.23% to hit 0.8918.
Later in the day, the U.S. was to release industry data on existing home sales.
EUR/USD retreated from 1.4080, the pair’s highest since October 15, to hit 1.4009 during European afternoon trade, gaining 0.39%.
The pair was likely to find support at 1.3857, Friday’s low and resistance at 1.4157, the high of October 15 and an 8-month high.
Earlier in the day, the dollar turned lower against the euro after a pledge by G-20 finance ministers to refrain from "competitive devaluation" of currencies boosted risk appetite.
Sentiment towards the dollar also suffered following a report by investment bank Goldman Sachs which suggested that the U.S. Federal Reserve may need to provide as much as another USD 4 trillion in additional quantitative easing.
The euro was also up against the pound, with EUR/GBP gaining 0.23% to hit 0.8918.
Later in the day, the U.S. was to release industry data on existing home sales.