Closed in NY at $1.5950, having recovered off session lows of $1.5860. Rate touched an early session low of $1.5949 before extending the recovery, the move breaking above key resistance at $1.5964 to take it on to an eventual high of $1.5990 ahead of the European open. Rate retains a strong tone in early European dealing with corrective pullbacks thus far remaining very shallow. Offers are seen to the recent high at $1.6002, with further sell interest noted above and extending toward the stronger area between $1.6015/20. Model buy stops have been noted in place on a break of $1.6025, a break here to open a move on toward $1.6035/50 ahead of $1.6070/80 and $1.6100 (1.618% swing target projection based off the pullback from $1.6002 to $1.5842, though needs rate above $1.6002 to come into play). Support remains in place back at $1.5950. Little on the domestic data calendar for today with moves to remain flow driven. End month/FY to put fix action into focus, with the weekend EU Summit and the China PMI hovering in the background. EUR/GBP edged up from early lows of stg0.8335 to stg0.8359.
EasyForexNews Research Team