Closed in NY at $1.3312, just off its pullback low of $1.3311 after rate had been pressed back from earlier intraday highs of $1.33857. Rate picked up fresh demand interest into Asian dealing, the rate opening the main session around $1.3313 and edged higher, the move aided by another round of French name buying in EUR/JPY, with EUR/AUD demand taking over as Japanese EUR/JPY sales emerged to counter the French demand. Rate pressured to highs of $1.3337 ($1.3340 38.2% $1.33857/1.3311) before upside momentum faded, the rate easing back to $1.3316 before another round of demand emerged to edge rate back above $1.3330 into Europe. Traders note ongoing interest by Chinese banks to sell into upticks, with Korean banks noted buyers into dips. Decent sell interest has been noted into $1.3350, with weak stops reported through $1.3355/65. A break here to open a move toward $1.3370 ahead of the stronger area between $1.3385/1.3400. Support remains into $1.3310 with minor stops below. Stronger support $1.3290/70. German CPI and Eurozone M3 the morning focus ahead of US durable goods.
EasyForexNews Research Team