February 8, 2023

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The euro was the top dog this week in the FX market and it’s at a fresh 7-week high

1 min read

Euro breaks Tuesday’s high

Goldman Sachs was right. They suggested buying the euro at the start of the week.

The euro has extended its gains today and edged above Tuesday’s high of 1.2080, up 67 pips. It’s the best-performing G10 currency this week, edging out the yen. The US dollar is at the bottom of the pile, just ahead of CAD (no love for the loonie despite the BOC).

It’s been a nice rebound in the euro from the lows at the end of March.

Euro breaks Tuesday's high

An interesting level for me is 1.2103, which is the 61.8% retraecement of the Jan-March drop.

Today will be the first close above the 100-day moving average since March 2.

If the euro can get through 1.2103, I think there’s still plenty of room for gains here. The ECB was cautious yesterday but the situation is improving with vaccine supply set to explode in May-June.

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