Dollar's Fall Exposes EUR/USD's Fragile Position
The EUR/USD pair has been trading at 1.1682, up 0.02% against Friday's close and holding the highest level it has reached in three months.
While the euro touched 1.16945 late last week and spent Monday's session grinding between 1.1670 and 1.1690, the dollar was unable to mount a recovery on any significant timeframe.
The monthly arithmetic shows one-directional movement for EUR/USD, with the pair strengthening 2.76% over the past thirty days and up 1.15% so far in August after gaining 1.02% in July.
However, when looking at the entire year, the pair is only higher by 0.58%, and against its recent low of 1.1355 printed on June 24, the euro has recovered 327 pips, a 2.9% advance across two months.
The three-month trading range for EUR/USD remains exceptionally tight, with the pair moving inside a 3.4% band from 1.1359 to 1.1740, and its current price of 1.1682 sits 58 pips below the top of that range and 323 pips above the bottom.