Euro Rises to More than Two-Year High

Euro
  • Euro Rises to More than Two Year High

The Euro-single currency on Tuesday rose to more than two-year high after North Korea fired a ballistic missile over Japan.

The currency rose 0.4 percent against the US dollar to $1.2034 as of 8.50 am. in London. The highest since January 2015.

According to foreign exchange traders in Europe, the currency remains attractive for leveraged and macro investors, who are buying ahead of next week monetary policy meeting.

The currency continued to gain even after South Korean President Moon Jae-in ordered a show of force in response. This underscored the Euro-single currency new appeal as a haven asset for risk aversion.

Technically, traders are watching $1.2167 resistance level, that doubled as the 50 percent retracement of the Euro’s drop since 2014.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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