Closed in NY at $1.2968 after recovering off lows at $1.2920 to $1.2974. Recovery off that mentioned low extended in early Asian trade with rate edging to an early high of $1.2980. Sales of euro-yen knocked rate back to $1.2963 before meeting fresh demand that based the move before allowing it to recover. Rate pushed to $1.2983, dropping back to $1.2970 before advancing on to $1.2992 ahead of the European open. Rate retains a firm tone, currently trading around $1.2985. Offers seen in place to $1.3000 ($1.2998 61.8% $1.3076-1.2920), a break to open a move toward stronger sell interest placed between $1.3005-25. Support seen at the overnight low at $1.2963, with further demand seen into $1.2950. A break here to expose Thursday#’s low at $1.2920 with interim interest noted at $1.2935. Stops remain in place below $1.2920. Further demand seen into $1.2900 with more stops below. Fairly light data calendar to end the week on with moves to come from headline comments. Those with the orders expected to again be in control.
EasyForexNews Research Team