By CountingPips.com
The euro has traded higher against the U.S. dollar today in foreign exchange trading as the European common currency reversed its decline from earlier to trade at its highest level in almost a week. The euro-dollar currency pair (EUR/USD) ascended above the 1.2500 exchange rate for the first time since last Friday and after touching a fresh four-year low this week below the 1.2150 exchange rate. The EUR/USD dropped to an intraday low under 1.3100 in mid-day trading before
Possible Swiss National Bank intervention may have played a part in the euro’s rise today as there has been speculation that the SNB helped boost the euro versus the Swiss franc. The Euro jumped higher against the franc by over 100 pips in less than five minutes in today’s trading action to touch above the 1.4400 level and make a substantial daily gain versus the franc.
The euro has also made gains today in fx trading versus the British pound, Canadian dollar, Australian dollar and New Zealand dollar while declining against the Japanese yen.
EUR/USD 30-Minute Chart – The Euro started the day off lower against the US dollar in the forex markets but found support and rallied to trade above the 1.2500 exchange rate later in the day. The EUR/USD has gained ground for a second consecutive day and touched an intraday high at 1.2597. The pair has pulled back from the highs and currently trades near the 1.2500 level.