Closed in NY at $1.3050 after recovering from a pullback low of $1.3010, the rate having seen highs of $1.3075 earlier in the day. The recovery into the close was seen on the strong close on Wall Street, the DJIA posting an all time high during the session. Rate dipped back to $1.3042 before picking up fresh demand, the rate extending the recovery to $1.3069 before momentum faded ahead of Tuesday’s $1.3075 high. Offers said to remain in place between $1.3175/85, a break to expose $1.3200 with stops remaining in place through $1.3205/10. Eurozone Q4 GDP due at 1000GMT with US ADP jobs data at 1315GMT and US factory orders at 1500GMT the only key data releases on the day. Risk remains in favour with euro-dollar holding firm ahead of the European open, currently trading around $1.3067 after extending highs to $1.3071. Support seen back at $1.3040 ahead of $1.3010/00. Position adjustments ahead of Thursday’s ECB Draghi’s press conference could see market probing for stops.
EasyForexNews Research Team