Opened early Europe at $1.2744 EUR/USD closed in NY at $1.2778 after pulling back from session highs at $1.2819. Rate posted an early high of $1.2779 into Asian dealing before reversing tack. US macro sales were cited for providing the early downside pressure, with rate also pressed lower as stops through Chf0.9500 in USD/CHF were triggered. Rate met support at $1.2750/45 from European corporate demand, but leveraged selling eventually provided the weight to take it through $1.2740 and on to a low of $1.27285. Rate recovered, drifting back to hold around $1.2750 into the European open. Rate continued to pivot $1.2750 into early Europe before middle eastern demand emerged to take rate up to retest the overnight high. Break to $1.2783 met semi official and Russian supply which countered, but demand into dips eventually allowed rate to extend move to $1.2790, though upside progress remained labored. Asian supply capped and eventually prompted a corrective pullback, given added weight by a sell off in cable. Rate met support at $1.2750/45.
EasyForexNews Research Team