Euro Gains on a Weaker Greenback

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The euro currency rose over 0.96% intraday after the greenback fell sharply during the day on Thursday.

The weakness in the dollar pushed the euro currency way past above the 1.1800 handle.

This breaks the sideways range we expected within the 1.1800 and 1.1600. The move above 1.1800 should of course be sustained for further gains.

Any near term declines could see the 1.1800 level being tested once again.

If this level holds, then the common currency could be looking to target the 1.1900 level next.

The bias will change if the EURUSD fails to close with gains above the 1.1800 handle.

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