FXstreet.com (C�rdoba) ? The Euro made strong moves in the market following the meeting between A. Merkel and N. Sarkozy. They will propose a tax on financial transaction in September. The French president said that the current rescue fund for the Eurozone, is big enough. The EUR/USD initially jumped to 1.4470, reaching a fresh daily highs but it retreated sharply pulling back below 1.4400.

The Euro continues to make vary volatile moves across the board as EUR/USD struggles to hold above 1.4400. Earlier the pair bottomed at 1.4350/55 but as market sentiment improved it moved off session lows.

Recent rally to the upside, was capped around the 1.4470/75 level, where yesterday?s high lie; if the pair rises on top of 1.4475 it would be trading at the strongest level in three weeks.