EUR/USD closed in NY at $1.3323 after rate had recovered from session lows of $1.3277 to $1.3330. Rate edged its way back to retest that late NY recovery high but move met headwind supply linked to EUR/JPY sales which restricted the move to $1.33328. Rate drifted off highs, the move down led by further sales of EUR/JPY before meeting support at $1.33068. Rate recovered to settle between $1.3310/30 ahead of the European open. Rate picked up fresh demand into Europe, the rate pressured to an extended recovery high of $1.3346 before momentum faded. Pullback met support at $1.3315 before edging back to $1.3340. Fresh sellers emerged with the eventual break below the overnight lows, then $1.3300 triggering stops that took it down to retest the NY base at $1.3277 late morning, with demand between $1.3290/80 only able to provide partial cushioning. Further demand has been noted from $1.3270 through to $1.3250. Risk off tone along with end month positioning seen providing direction.
EasyForexNews Research Team