Closed in NY at $1.3285, after rate had pushed up to highs of $1.3322 to take out option barrier interest at $1.3315. Move up had been aided by increased hopes that progress had been made on the Greek debt deal, though this was partially thwarted by German FinMin comments not to expect a decision out of Thursday’s Eurogroup meeting, which allowed for the pullback. Rate initially edged up to $1.32914 as early demand for euro crosses provided buoyancy. A dovish RBA statement pressed Aussie lower and prompted some decent demand for EUR/AUD, with demand also noted for the euro versus NZD and SGD. However, as AUD/USD sank lower on stop driven trade it eventually provided the weight to take rate down to an eventual low of $1.3253. Rate holds heavy into early European trade and seen pressing on reported demand into $1.3250, with stronger interest remaining in place at $1.3240/35 ($1.3240 76.4% $1.3215-1.3322/$1.3235 NY low Thus). Stops noted below $1.3230 with next support $1.3215/00. Resistance $1.3320/30 (100-dma $1.3331) with stops noted above $1.3335. Greece remains in focus.
EasyForexNews Research Team