Euro may edge to $1.52 next month

Tokyo: The euro may advance toward $1.52 within one month, according to Ascendant Inc, a foreign-exchange consulting company, citing trading patterns.

The euro started its decline in August 2008 at the mid- $1.52 level, which represents a 78.6% Fibonacci retracement of a drop from a record high of $1.6038 reached in July 2008 to a low of $1.2330 touched in October that year, according to Yasuji Yamanaka, president of Ascendant.

The euro strengthened to $1.4968, the highest level since August 13, 2008. The currency gained more than 2% versus the greenback in the past two weeks.