EUR/USD Analysis

The pair opened in Asia near $1.3160 after trading a high of $1.3175 in the US last night but ran into early selling from $1.3170. The offers built further in the Asian session, and are believed to stretch to $1.3190, some of that reportedly for from real money accounts, with more selling then seen also above $1.3210, the latter apparently coming from European corporate names. Euro-dollar traded with a heavy tone through the entire morning, with an Asian reserve manager also then cited selling into the downmove, and the pair eventually touching a low of $1.3136 in the late morning. Euro-dollar was last at $1.3140, staging a mild recovery but seeing little momentum in either direction heading into the European open, as apprehension remains before Bernanke’s address tonight.

Powered by WPeMatico

This entry was posted in Forex. Bookmark the permalink.

Comments are closed.