Closed in NY at 1.3335 with rate marked up to $1.3358 into the Asian open as risk was given a general boost by the weekend release of surprisingly strong China PMI. Rate extended the react rally before stalling at Friday’s high of $1.3377 (Europe). Rate drifted lower through the balance of the overnight session, filling any technical gap left by the NY close/Asia open, with rate marking lows at $1.3331 before settling between $1.3335/45 into Europe. Rate currently trades around $1.3338 at writing. Final mfg PMI data from the Eurozone due today ahead of US ISM at 1400GMT. Bids seen placed at $1.3330, a break to open a deeper move toward $1.3310/00. Resistance remains at that $1.3377 level, with further sell interest said to get stronger from around $1.3385 and extending toward the much reported option barrier at $1.3400. Stops have been noted on a break of $1.3410.
EasyForexNews Research Team