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Koji Fukaya, director of global foreign exchange research at Credit Suisse Securities in Tokyo, told Reuters this could in part be attributed to the "steady performance of riskier assets".
Despite being off its six-week high of $1.3959 yesterday (October 25th), the 17-nation currency remained flat at $1.3905.
"The euro has been resilient after unwinding of short positions and has broadly held on to recent gains," Mr Fukaya stated.
According to those involved in FX trading, $1.40 is the major resistance level for the euro and the dollar, while support for the euro is around $1.3880, which is the currency's five-day moving average.
EU leaders are set to meet today to make their decision over what action to take regarding the debt crisis.
Posted by Greg Secker
