Opened early Europe at $1.2625, closed in NY Friday at $1.2670 and consolidated post EU summit gains. The EUR opened in Asia at $1.2665 and briefly touched a high of $1.2680 on markets continued reaction to recent headlines. However, the pair was unable to hold gains and dipped in the wake of modest China data, touching a low at $1.2615 around mid-session, profit take sales added weight on the move. Fast-money dip-buying was noted and helped put a floor under the slide, later recovering to trade in a tight $1.2620/30 range ahead of Europe. EUR/USD tapped higher in thin European trade, before macro account supply pressed to $1.2615, the move seen cushioned by UK clearer demand and recovered to $1.2640. Mixed eurozone PMI Manufacturing data weighed on the pair, before sentiment turned and sharp gains in euro crosses lifted to $1.2665 ahead of NY. Resistance seen at $1.2681 from the Asian high, a break opens offers at $1.2690/00 ($1.2693 – 29 Jun high).
EasyForexNews Research Team