Forex trends: recovering vs dollar and yen, euro drops vs pound

The 16-nation currency reflected mixed trading versus its key rivals during early European session today. While the euro recouped its losses against the dollar and the yen, it fell against the pound. Against the franc, the euro remained in a tight range.

The euro that slipped to 1.3623 against the dollar at 2:30 am ET Thursday bounced back thereafter. Presently, EUR/USD rally is worth 1.3666, near yesterday's close of 1.3655. On the upside, 1.368 is seen as the next target level for the European currency.

At 5:05 am ET Thursday, the euro reached 123.77 against the yen, up from 123.04 hit in early Asian deals at 10:30 pm ET. If the euro gains further, it may likely target the 124.0 level. EUR/JPY pair is currently trading near yesterday's close of 123.63

The euro bounced between 1.4608 and 1.4618 against the Swiss franc in early deals on Thursday. The next downside and upside target levels for EUR/CHF pair are seen around 1.456 and 1.469, respectively. The pair is now trading near Wednesday's close of 1.4614.

During early deals on Thursday, the euro dropped against the pound. At present, EUR/GBP rally is worth 0.9092, down from yesterday's close of 0.9117. If the pair slides further, it may target the 0.905 level.