Euro falls to two year low against USD
July 20, 2012 Leave a comment
Euro/USD: The Euro ended the week under renewed downward pressure following the choppy sideways action of the past few days. After consolidating briefly around the opening levels of 1.2273 prices moved steadily lower for the balance of the session with little support being uncovered until the 1.2144 region. A little short covering towards the close saw the European day finish around 1.2175.
GBP/USD: A very similar trading pattern to that of the Euro today with a brief period of consolidation around the opening levels of 1.5716 giving way to renewed GBP weakness during the balance of the session. Although a little support was encountered around 1.5685 eventual breaks beneath here triggered acceleration towards the 1.5617 zone ahead of renewed buying interest being stimulated. The European week finally closed at 1.5633.
Euro/JPY: The Euro resumed its downward path against the JPY today and after opening in the 9667 area values fell away almost immediately. While a little support was uncovered around 9623 this eventually gave-way and values accelerated to a low point of 9538 before finally closing in the 9554 region.
GBP/Euro: Just no sign of any top to the current GBP uptrend and with early dips again stimulating renewed buying interest around the 1.2785 area the GBP headed higher for the balance of the session. Peaks for the day/week were established in and around the 1.2870 zone before finally closing in the 1.2839 region.