Closed in NY at $1.2565 off late extended recovery highs of $1.2611, with rate already recovering from a pullback low of $1.2552 before early demand in Asia lifted the rate back to $1.2578. EUR/JPY selling out of Tokyo countered this early move and eased rate back to $1.2550. Fresh dip demand then allowed rate to gradually edge its way back up to session highs of $1.2588 (61.8% $1.2611-1.2550), trading around $1.2580 into early Europe. Resistance said to remain in place at $1.2588, a break to open a move toward $1.2600 ($1.2597 (76.4%) ahead of that NY high of $1.2611. Support remains in place back at $1.2550. Eurozone inflation data at 0900GMT the morning’s main data interest ahead of US CPI and weekly jobless numbers at 1230GMT. Upcoming Greek election this weekend remains in focus with market reacting to headlines concerning contingency plans for the result outcome. Spain also in the spotlight after Moody’s and Egan Jones downgrades Wednesday, though announcements of this had minimal negative effect.
EasyForexNews Research Team