Market sentiment turned in the US afternoon on Friday and as stocks wilted on the 25th anniversary of Black Monday, euro flushed stops through $1.3020 to print session lows of $1.3013. Later bouncing to close around $1.3025. Euro-dollar ground higher in a light Asian session and recovered to $1.3050, some say the move was attributed to a positive result by Spain’s ruling popular party in the weekend’s elections in Galicia, others, the reported large option strike at $1.3050 for today’s NY cut. On the topside tech resistance seen at $1.3062 (5 dma), a break opens $1.3072 (5 Oct high), ahead of offers at $1.3080. Reported bids at $1.3020/10, stronger behind at $1.3000, with stops set, ahead of techs at $1.2993/92 (Former ressitance from Sep 17 – now support, 12 Oct high). No data release in the US today with range trade expected in headline driven markets.
EasyForexNews Research Team