Closed in NY Friday at $1.2670 and consolidated post EU summit gains. The Euro opened in Asia at $1.2665 and briefly touched a
high of $1.2680 on markets continued reaction to recent headlines. However, the pair was unable to hold gains and dipped in the wake of modest China data, touching a low at $1.2615 around mid-session, profit take sales added weight on the move. Fast-money dip-buying was noted and helped put a floor under the slide, later recovering to trade in a tight $1.2620/30 range ahead of the European open. On the downside decent support seen at $1.2600/90, through here and stops set on a break of $1.2590, ahead of bids at $1.2580. Topside resistance at $1.2680/85, stronger offers behind at $1.2700 ahead of technicals at $1.2715 from the Daily Bollinger band top. Light US data release today with all eyes on Thursday’s ECB meeting.
EasyForexNews Research Team