Opened early Europe at $1.3010 – EUR/USD closed in NY at $1.2999, after rate recovered off late NY pullback lows of $1.2988. Rate extended recovery in early Asia, the rate lifting to early highs of $1.3015, as Asian equity markets opened positive, before running into decent supply interest. Rate eased to $1.3000 before meeting fresh demand that took rate through the earlier high and on to session highs of $1.30179, meeting reported Asian sovereign book balancing supply. Rate held firm into early Europe, bouncing from a pullback to $1.3005 to challenge the reported heavy sell interest placed between $1.3017/22. Area held on a few attempts before a UK clearer lived up to its name and cleared out the offers as it put in a bid to $1.3033. Rate met semi official supply into $1.3045 but this level was eventually cleared, with triggered stops through $1.3055 taking it on to $1.30855, with reported offers between $1.3070/1.3100, main concentrated around Dec16 high at $1.30846, able to contain ahead of NY.
EasyForexNews Research Team