Closed in NY at $1.2288, after recovering off lows at $1.2264. Following an initial dip to $1.2282 into early Asia the rate pushed higher as early Tokyo bought EUR/JPY, the rate able to break above the NY high at $1.2294 and extend recovery to $1.2306. As EUR/JPY upside momentum faded so EUR/USD drifted lower, finding eventual support at $1.2275 ahead of the European open. However, recovery efforts remain shallow and seen keeping focus on the downside. Stops are reported in place below $1.2270 from system funds, which if triggered to expose Wednesday’s low at $1.2264. Stronger demand then noted into $1.2250, with option gamma related demand reported from $1.2230 through to $1.2190. Offers remain in place to $1.2310, a break to open a move to $1.2325/30, with stops reported through $1.2330/35. Stronger sell interest has been reported building above Wednesday’s high at $1.2344 through to $1.2350 with main interest seen from an eastern European account. Eurozone inflation due at 0900GMT ahead of US jobless claims
and housing data at 1230GMT, with Phil Fed at 1400GMT.
EasyForexNews Research Team