EUR/USD extended its winning streak into a third consecutive trading day on Tuesday and reached a 2024-high above 1.1130.
EUR/USD consolidates weekly gains above 1.1100 in the European session on Wednesday. Nonfarm Payrolls benchmark revision and FOMC Minutes could drive the USD's valuation. The pair remains technically overbought despite retreating from 2024 highs. The pair stages a correction early Wednesday but holds above 1.1100. Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone.
A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area are especially significant, as they account for 75% of the Eurozone’s economy.
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