The Euro reverses the mornings losses to close little changed
July 16, 2012 Leave a comment
Euro/USD: A choppy start to the week that saw the Euro losses experienced in the morning fully reversed in the afternoon. After opening in the 1.2252 area values worked steadily lower to post a low for the session in the 1.2176 region around lunch time before renewed buying interest was stimulated and the market moved back towards the opening levels before resistance re-appeared. The European day finally closed at 1.2260
GBP/USD: The GBP eased during the morning but only as far as the 1.5517 area before the buyers returned and values improved impressively during the afternoon session. Little resistance was encountered until the 1.5641 zone before the European day finally closed in and around the 1.5636 region.
Euro/JPY: The USD came under fresh downward pressure today and after opening in the 9701 area values headed south almost immediately. Support in and around the 9916 region was challenged late in the morning and after several attacks on this level were contained the trend effectively turned sideways and a slight bounce on the close saw prices finish at 9658;
GBP/Euro: After consolidating around the opening levels of 1.2718 for the early part of the morning the GBP then resumed its upward path with peaks for the session being established around 1.2771 before finally closing the European day in the 1.2747 area.