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FOREX-Euro turns negative vs dollar-Reuters data

27 January, 2012 - Reuters

NEW YORK, Jan 26 (Reuters) - The euro erased earlier gains against the U.S. dollar on Thursday and turned negative in mid-afternoon trading as the Federal Reserve's pledge to keep interest rates low for several years failed to cause the currency pair to breach a key technical level.

The euro last traded at $1.3098 , down 0.1 percent on the day and sharply below a session high of $1.3184 hit earlier, according to Reuters data.

The failure of EURUSD to breach the 61.8 percent retracement of the $1.3550 high in December to the $1.2624 low on Jan. 13 is

behind the euro's drop, according Brian Dolan, chief currency analyst at Forex.com in Bedminster, New Jersey.

"Also, the dollar's weakness brought on by the Fed's announcement may have been overdone because the central bank yesterday did not come close to committing to QE3," he said. "The dollar's recent weakness was suspicious overall."

(Reporting by Julie Haviv)

Copyright Thomson Reuters 2012. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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