EUR/USD closed in NY at $1.3140 after recovering from session lows of $1.31072. Rate marked lows in early Asia at $1.3136 before resuming its recovery. Offers placed to $1.3150 again provided resistance, as they had in late NY, but fresh demand triggered weak stops above to take rate overnight highs of $1.3158. Rate settled between $1.3145/55 ahead of the European open. Early Europe targeted stops above $1.3160, taking it to an eventual high of $1.3164 before reversing and targeting stops under the Asian base at $1.3136. Bids at $1.3135/25 supported for a while before giving way and exposing the defended barrier at $1.3100. Further euro sales took rate through the barrier, breaking under $1.3080/70 to trip further stops as EUR/CHF made a show under the floor at Chf1.2000. This rate bounced back above the floor as the official placed a large bid at Chf1.2000. Sales of euro vs several crosses provided the main weight as EUR/USD dropped to $1.3057, EUR/JPY moving through Y108.00 toward Y107.00.
EasyForexNews Research Team