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 recovery move to $1.33328. Rate drifted off highs, the move down led by further sales of EUR/JPY as well as AUD/JPY, which in turn was influenced by the dip in China equities, before meeting support at $1.33068. Rate recovered to settle between $1.3310/30 ahead of the European open, with rate currently trading around $1.3317. Bids seen placed toward $1.3300, more between $1.3290/80 with further interest noted from $1.3270 through to $1.3250. Resistance noted at $1.3330/35, more at $1.3344 (61.8% $1.3385/1.3277) with Asian traders noting sell interest scattered from above $1.3355 and extending through the stronger area between $1.3385/1.3400 and on to $1.3450. German employment at 0755GMT then EMU confidence indexes at 0900GMT the morning focus ahead of US jobless claims at 1230GMT. End month and end week EU Summit remain key influences.
EasyForexNews Research Team