EUR/USD closed in NY Friday at $1.3267, the rate recovering off a late pullback low of $1.3255 after touching a session high of $1.3283. Corrective pullbacks off intraday highs (Europe Friday) of $1.3294 were contained by stronger demand placed lower down at $1.3220. Rate opened Asia around $1.3270 with early trade contained by $1.3270/73 in opening lethargic. Rate pushed up to $1.3285 as market reacted to press reports that Germany’s Merkel would allow a temporary increase in of the ESM firewall (Ecofin meeting Friday-Saturday this week to discuss). However, rate met decent sell interest placed at this level, with traders noting decent sell interest remaining in place toward the reported barrier at $1.3300. Rate reversed lower as Japanese exporters sold yen crosses aggressively post fix, taking it down to an eventual low of $1.3248. Rate was trading back above $1.3250 into early Europe. Offers remain between $1.3285/1.3300, with barriers noted at $1.3300 and $1.3315. Stops reported from above $1.3300 and are seen dotted to $1.3335. Bids remain around $1.3250, stronger into $1.3220.
EasyForexNews Research Team