Opened early Europe at $1.2260, EUR/USD closed in NY at $1.2280, after rate had recovered off NY lows of $1.2229 to $1.2290, with rate opening Asia at recognizable levels seen through the week. Quiet opening start in Asia before rate was pressured to session lows of $1.2250 on reported real money supply. Rate recovered, meeting initial resistance around $1.2260 before spiking to session highs of $1.2284 on Asian sovereign buys. Rate sat back on $1.2260 into early European trade. Fresh selling into early Europe saw rate retest the overnight lows, extending the base to $1.2247 as early traders probed for stops. Failure to trigger stronger downside momentum saw short term traders cover back shorts, with the slow recovery eventually boosted by euro-EM short covering which took it up to $1.2277. Rally proved short lived as fresh selling emerged to take rate back to the $1.2250 area. Trade overall described as subdued, offers reported to be back in place above $1.2300, stronger into $1.2320/30, and supported by bids to $1.2240, more at $1.2220/10.
EasyForexNews Research Team