Closed in NY Friday at $1.2576 having eased off pullback highs of $1.2638 following Fed Bernanke’s speech that failed to deliver on QE. Euro-dollar was pulled lower by the aussie in early Asia to $1.2560 following weekend’s PMI data out of China, the move cushioned by demand in euro-aussie. Rate later bounced to $1.2580 and consolidated in a tight range with markets expected quiet due to Labor day in the US. On the topside strong offers reported at $1.2635/40 (1.2638 – Friday’s spike high), more behind at $1.2650 with stops on a break. Support seen at $1.2550, behind here and a flurry of bids/stops through $1.2545/25, stronger at $1.2500.
EasyForexNews Research Team