Closed in NY Monday at $1.3060, the rate recovered from a pullback low of $1.3042 after earlier posting a high of $1.3083. Euro-dollar opened on a bid tone in early Asia and lifted to $1.3076 after the Spanish election results indicated support for PM Rajoy’s austerity policies, some see this as hope the government may request a bailout. Strong demand in the crosses particularly in euro-sterling and euro-yen also attributed to the move. Rate met resistance and profit take sales eased to settle around $1.3055 ahead of Europe. Support seen at $1.3045, bids behind at $1.3020, ahead of $1.3010. On the topside stops noted on a break of $1.3085, through here opens offers at $1.3100 with more stops set. Lack of data release in the US today with the highlight from Ricmond Fed Report, released at 1400GMT.
EasyForexNews Research Team