Opened in early Europe at $1.3063 (opened in Asia at $1.3068) lifted to $1.3077 on renewed threats from Iran of a close of the straits of Homuz which ran Crude Oil back above $100, but ran into supply at $1.3080. Trade volumes were seen light and the pair was contained in a very tight 15 pip range. EUR/USD eased to $1.3057 on the European open as the quiet theme continued, demand was met recovering to $1.3065 in early dealings. With a lack of market data today tight range trade was seen ahead of the eagerly awaited Italian auctions. Rate picked up on release of well received data and a successful auction, posting session highs $1.3080, before meeting supply and easing to $1.3070. Offers remain into $1.3080, through to $1.3100. On the downside the European low $1.3057 provides support ahead of stronger demand through $1.3020-00 with stops on a break.
EasyForexNews Research Team