Opened early Europe at $1.2237, EUR/USD closed in NY Friday at $1.2245, having seen a late rally that had taken it from lows of $1.2162 to session highs of $1.2257. Rate extended this recovery into early Asian trade, moving up to $1.2274. Upside momentum faded allowing rate to drift lower, with sales of EUR/JPY, in a Tokyo holiday thinned market, taking the rate to lows of $1.22323 ($1.2232 38.2% $1.2162-1.2275) before settling between $1.2235/45 into Europe. Rate challenged the $1.2245 level into early Europe before turning lower, breaking the Asian base before meeting semi official demand into $1.2221. Rate recovered to $1.2139 before slipping lower again. Further semi official buys were noted around $1.2127 before interest was filled which allowed for a stronger challenge on the $1.2220/00 support area. Stops mixed in below $1.2210 were triggered, the added weight filling demand to $1.2200, with further stops through $1.2195/85 extending move to $1.2183. Cross sales of the euro were cited providing the main weight. The euro remains heavy into NY.
EasyForexNews Research Team