Closed in NY Thursday at $1.2780, the rate recovered off pullback lows of $1.2760 after earlier flushing stops to print highs of $1.2802. Euro-dollar had a lacklustre Asian session with trade confined to a tight $1.2764-85 range. Cross sales predominately in euro-yen eased to $1.2770 after the Tokyo fix, the rate extended losses to $1.2765. Dip demand recovered and the pair settled at $1.2770 ahead of the European open. Lack of data release in the US today so light volumes expected in headline driven markets. Key tech resistance seen on the topside at $1.2810 from the 200-day ma, a break opens offers at $1.2825/30 ($1.2827 – 6 Nov prev high), stronger behind at $1.2850. The 5-day ma provides support on the downside at $1.2740, ahead of strong demand into $1.2705/00 ($1.2703 – 14 Nov low), with stops set.
EasyForexNews Research Team