EUR/USD closed Tuesday’s NY session at $1.3122 settling around this area following a pullback from an earlier European high of $1.3173 to $1.3103 in NY. Rate picked up demand into the Asian session, the move to $1.31419 driven by Japanese demand for EUR/JPY through Tokyo fixing. As this cross demand faded so EUR/USD drifted lower, touching a session low of $1.3109 before settling around $1.3120 ahead of Europe. Rate extended recovery to $1.3125 into early European dealing before turning lower, the break below $1.3100 seen influenced by EUR/GBP sales, trading down to $1.3087. Recovery met resistance at $1.3115 before breaking back down to $1.3080 on reported Asian sales. Recovery efforts from here remained sub $1.3100 before it eventually moved down to trip stops sub $1.3080, touching a low of $1.3076 before recovering back to $1.3090. Demand seen at $1.3065/60, stronger into $1.3050 with stops below. Resistance $1.3100, $1.3120/25.
EasyForexNews Research Team