Forex Market

Daily Market Technicals

EUR/USD: Trades Near Upper Boll Band – Studies Bullish. The pair squeezes higher and above the key $1.2917 level, which is the 50.0% of the decline from $1.3172 to $1.2662.

Early demand for dollar-yen and euro-yen into the Asian session, with strong demand interest noted from returning Japanese accounts (Japan holiday Friday) into the fix, saw dollar-yen push to a high of Y82.62,

GBP/USD Analysis

Closed in NY Friday at $1.6033 after rate had powered higher to $1.6051 as it played catch-up on euro-dollar’s recovery and euro-sterling’s recent rise struggled to build above stg0.8100 (high Friday stg0.8108, closed stg0.8090).

EUR/USD Analysis

Closed in NY Friday at $1.2972, just off extended rally highs of $1.2991. Japanese demand for euro-yen into the Tokyo fix sent this pair through Y107.00, with triggered stops extending move to Y107.14.

USD/JPY Analysis

The pair is likely to trade in a tight range today before EU finance ministers hold a meeting today to discuss additional financial aid for Greece.

Asian Currencies Technicals

AUD/USD: Focus Returns To Sept Monthly Highs. After remaining capped at the Nov 20 highs for most of Friday the pair close above this level which now sees focus shift back to retests of the Sept monthly highs.

Mid-Day FX Market Analysis

EUR: Opened early Europe at $1.2888, Euro-dollar closed Thursday’s session at $1.2882, after correcting back from a pullback low of $1.2858 and seen after rate was rejected from the $1.2899 level earlier in the day.

Daily Market Technicals

EUR/USD: Fibonacci & 55-DMA Next Resistance At $1.2911/17. The pair breaks above $1.2901 Fibonacci level — 50.0% of the decline from $1.3140 to $1.2662, but needs to clear above $1.2911/17, where former is the 55-day moving average and latter the 50.0% of the decline from $1.3172 to $1.2662.