EUR/USD retreats from 2-year highs

FXStreet (Córdoba) - The EUR/USD retraced some of its intraday gains as risk appetite ebbed during the American session with stocks turning negative despite upbeat US economic data.

After reaching a fresh 28-month high of 1.3966, the EUR/USD turned south and retreated toward the 1.3925 zone in recent dealings. At time of writing, the EUR/USD is trading at the 1.3930 area, still up 0.2% on the day. Following a few days of consolidation, the EUR/USD resumed the rise Wednesday and finally broke above the 1.3914 high today. The broader upward move was triggered by ECB decision to keep policy unchanged last week.

EUR/USD technical outlook

Valeria Bednarik, chief analyst at FXStreet noted that technical readings maintain a strong upward momentum, supporting the dominant bullish tone and pointing for a continuation towards the key 1.4000 figure.