Closed in NY Friday at $1.3640, having corrected off US NFP react highs $1.3711. The boost from US employment report came as market reacted more to the upgraded back revisions. Euro-dollar edged to an early high of $1.3660 in Asia before turning lower, the move down seen on euro-yen reversing away from its highs as this rate failed again to take out Y127.00, and dollar-yen meeting stiff resistance ahead of Y93.00. Euro-dollar eased through minor support at $1.3630, extending lows to $1.3619 during the Asian afternoon, edging back toward $1.3630 into the European open. Offers said to remain in place at the overnight high at $1.3660, with more toward $1.3700, extending to Friday’s high at $1.3711. Support $1.3620, more into $1.3610 with reports of stops below, a break to expose $1.3600. Below the figure and Asian traders have noted system stops in place through $1.3595/75. Political concerns in Spain and Italy may bruise the current euro bullish tone but the recent underlying positive remains in place. ECB meeting Thursday in focus, though most see no change in rates, with the press confernce providing the main interest on suggestions Draghi could change tone toward dovish from recent hawkish rhetoric.
EasyForexNews Research Team