Closed NY Friday at $1.2935 with rate getting marked down into the Asian open to $1.2902 as markets showed their disappointment that no deal had been settled on Greek debt. Stops through $1.2880/60 were taken out in this Asian trade, several centers closed for the Chinese new year celebrations, taking the rate to lows of $1.2854. Rate recovered to $1.29088, only to fall back to $1.2880 before edging its way back above $1.2900 into early European dealing. Gap between Friday’s close and the Asian open $1.2935/1.2902 respectively, glaring at traders on the charts, with a closing expected at some point. Market open to reaction coming from further comment concerning Greek debt, aware of bilateral meetings between Germany’s Merkel and several key EU officials turning focus on to the Jan 30 EU heads of state summit. Offers seen placed between $1.2905/15, a break of $1.2920 to open a move toward $1.2930 ahead of the NY recovery high at $1.2951. Support remains back at $1.2855/50 ahead of $1.2840/35, with stops placed on a break of $1.2830.
EasyForexNews Research Team