Closed in NY at $1.2944 after recovering off a stop driven low of $1.2915 as trade through Thursday eased away from the initial react highs of $1.3010 following Monday’s Eurogroup Greece debt action. Rate came under pressure into early Asia as non-Japanese leaned into dollar-yen and euro-yen, the sales of the latter pressing euro-dollar to an initial pullback low of $1.2925 (61.8% $1.2915-44)before buyers emerged to correct it back up to $1.2940. Another round of sales pressed rate through that early low, extending the base to $1.2922 (76.4%) with rate holding heavy into early Europe. Analysis of the Eurogroup/Greece debt program showed up short comings in the agreement and was seen weighing back on the euro. Bid interest is reported to be dotted from $1.2922 through to $1.2910, with main downside stops seen placed on a break of $1.2890. A break here to expose next support into $1.2860. On the topside offers seen from $1.2950 and said to be placed up to $1.3000, more at $1.3010 (Tuesday high) ahead of stronger interest at $1.3030/50. EZ M3 data due at 0900GMT along with German state CPI.
EasyForexNews Research Team