Euro backs off highs as dollar regains footing

Euro fell today away from a seven-week high on profit-taking after driving considerably higher against the dollar previously, while the latter regains footing versus a basket of currencies. 

EUR/USD last traded at 1.808, down from the opening of 1.0813, with a session-high at 1.0827, and a low at 1.0779. 

Euro's fall came as the dollar stopped falling against a basket of currencies after a Fed official expresses her desire to see more than three rate hikes this year, underpinning the dollar and hurting the common currency.

The euro however draws support from higher inflation in the euro zone, while chances of a surprise win in the French presidential elections by Far Right Candidate Marie Le Pen faded, easing the pressure on the currency. 

On the other hand, markets await Fed Chair Janet Yellen's speech later this week to take clues about the future of interest rates, which would weigh on the dollar and other currencies.