The pair closed in NY Tuesday at $1.3082 (back above its 55-, 100-, and 200-dma levels) after rate had corrected off a session low of $1.3065, that base seen following the release of stronger than expected US durable goods data, followed later by improved consumer confidence data, before rate corrected back to $1.3104 then drifted off into the close. This downside correction continued into early Asia, the rate pressing down to $1.3071 before edging back to $1.3087. Fresh selling emerged into the Asian afternoon which took rate through Tuesday’s low of $1.3065, with momentum able to ease it just under Monday’s low of $1.3059 to $1.3057 before reported demand placed between $1.3060/50 cushioned the move and allowed for a minor recovery to $1.3070. Rate settled between $1.3060/70 on approach to the European open. Mentioned demand placed between $1.3060/50 said to include interest from sovereigns and European corps. The close above the mentioned moving averages, today at $1.3081 55-dma, $1.3077 100-dma and $1.3074 200-dma seen providing some underlying buoyancy. Resistance $1.3100/10, stops $1.3110-20 ahead of offers $1.3130/40 with more stops above. Stronger offers from $1.3150 through to $1.3165.
