EUR/USD closed NY Monday at $1.2765, toward the upper end of its intraday trading range of $1.2666/1.2785. Rate initially edged higher into early Asian dealing, with talk of stops above $1.2785, and larger ones above $1.2800, seen as the early attraction. Rate traded to an early high of $1.2782 before settling between $1.2760/80, with strong sales of EUR/NZD cited for providing headwind sell interest. Rate began to pick up demand ahead of the European open, breaking above $1.2785 and extending to $1.27958 before settling above $1.2780 into Europe. Early demand into Europe saw rate again falter around $1.2795 with the corrective pullback gaining pace on a rehash of a Monday story concerning Ireland debt. Asian sellers provided the main weight before turning buyers in the area between $1.2750/45. Rate held heavy in this area until semi official buying seen at $1.2745, with same name moving up to $1.2762 as rate squeezed out shorts on positive eurozone Fitch comments. Semi official sales above $1.28 restricted highs to $1.2808.
EasyForexNews Research Team