Euro licks wounds near 2-month low, critical support

The euro edged up from a two-month low on Wednesday, finding support after a massive sell-off sparked by the euro zone debt crisis and heightened tensions in the Korean Peninsula.

The common currency ticked up on light buying after its fall of 1.9 percent to as low as $1.3359 EUR on electronic platform EBS prompted short-covering.

As the low represented a 38.2 percent retracement of the euro's rally this year to $1.4283 in early November from $1.1876 in June, the euro may have found short-term support there, said Sumino Kamei, a senior analyst at the Bank of Tokyo-Mitsubishi UFJ. more

News - November 2010