Opened early Europe at $1.3030, EUR/USD closed in NY at $1.30052, after rate had seen lows in this session of $1.2983 before bouncing back to $1.3044 as market reacted to
comments from Greece as parties there announced intentions (as regards austerity and Greek debt) as they tried to agree a coalition to form a government. Rate managed to mark overnight highs at $1.3006 in opening trade before drifting back below $1.3000. Downside momentum picked up as Aussie broke below $1.0075, move taking out reported stops through $1.2980 on added EUR/JPY sales, before rate met support at $1.2965. Rate settled around $1.2970 ahead of the European open, with recovery efforts capped at $1.2975. Early semi official and mid east demand lifted rate to $1.2990 where same mid east name sold. Rate dipped, eventually bouncing to $1.2998 on renewed mid east buys before rally faltered. Rate slipped through the balance of the morning, resting heavy on bids between $1.2970/60 ahead of the NY open. Further strong demand $1.2955/50, stops below barriers at $1.2950.
EasyForexNews Research Team