Way to Fundamentals: All about EUR/USD
The euro has been called the "anti-dollar" since it is highly sensitive to US data. Because the recovery in the US has been uncertain, the market closely watches developments in the US economy to determine the strength of the recovery. Fears that the US is hitting a "soft patch" in its economic growth generally boost the euro.
Though the EUR/USD actively trades 24-hours a day, the most action is concentrated in the time when the US and European banking hours overlap, from 7:00 AM EST to 10:00 AM EST. Of all the majors, this pair best reflects how the US economy is doing compared to the rest of the world.
The US economy is dependant on imported oil - so movements in the price of oil tend to impact the value of the dollar!