Closed in NY Tuesday at $1.3050, off earlier highs of $1.3061 and as the risk rally continued. Euro-dollar spiked higher after the New York close, boosted by news that ratings agency Moody’s was maintaining Spanish rating, although assigning a negative outlook. The pair spiked to $1.3099, before extending to fresh 1 month highs of $1.3124 on reported Macro account demand. Profit take sales eased, LHS euro-yen interest into the Tokyo fix added further weight and the rate dipped back under $1.3100 settling around $1.3090 ahead of Europe. On the topside tech ressitance seen at $1.3124 (Hourly high), a break opens strong offers into $1.3145/50, with stops set ($1.3147 – May 1 resistance, ahead of $1.3172 (17 Sep high). Support seen into $1.3050, ahead of $1.3020. Focus now turns to the EU summit later this week for direction.
EasyForexNews Research Team