EUR/USD closed in NY at $1.3084 after recovering off pullback lows of $1.3042. Rate got an early lift to $1.3091, as recovery extended, but this quickly reversed as rate became subject to negative cross flows led by sales of EUR/AUD. Rate squeezed back to $1.3050. Rate settled back between $1.3060/80 into the Asian afternoon before coming under further pressure ahead of the European open with rate pressed to $1.3045. Early Europe added weight, taking the rate to an extended low of $1.3026 after stops sub $1.3040 were triggered (NY low $1.3042). However, dip ran into semi official buying which reversed the early tack and took rate through the Asian high at $1.3091. Release of Eurozone PMI’s, along with rumours that the Greek debt deal may be concluded today, provided the added push to take rate above $1.3100. Shorts squeezed on the move through $1.3220, which took rate on to $1.31522, with loss of momentum prompting some cover back ahead of NY, with rate trading back around $1.31.
EasyForexNews Research Team