Closed in NY at $1.3233, with early demand into Asian dealing taking it up to highs of $1.32499. Rate reversed to $1.3211 before recovering in steps to $1.3240 into the European open. Main trade through the overnight session was seen driven by euro crosses, especially EUR/AUD and EUR/JPY, with negative analysis of the Greek aid programme also providing some bearish undertones but risk on overshadows. Rate edges on to $1.3242 at writing. Offers seen into $1.3250, a break to open a move on toward the $1.3270/75 area, where fresh sell interest is reported in place (NY high $1.3276), a break here to open a move on toward $1.3300. The 100-dma at $1.3310 remains key resistance, a break and close above seen needed to boost upside potential, with the Feb9 high at $1.3322 the next point of interest. Demand remains in place back at $1.3200, with further interest seen extending down to $1.3185, though some stops also seen mixed in below $1.3200. Eurozone flash PMI data due up this morning with US existing home sales later. Cross flows expected to dictate moves.
EasyForexNews Research Team