The Euro recoups some lost ground today.
July 31, 2012 Leave a comment
Euro/USD: The Euro made steady upward progress today and while initial strength met resistance around 1.2290, pullbacks uncovered enthusiastic buyers in the 1.2249 zone and the upward cycle resumed. Peaks for the session were established towards the close in the 1.2330 region ahead of finishing at 1.2320.
GBP/USD: After initial GBP strength was restricted by resistance in the 1.5731 area values fell away until mid afternoon with little support being uncovered until the 1.5625 zone. A combination of short covering and speculative longs triggered a sharp bounce towards the close with the 1.5700 region be freshly challenged. The market finished the European day in the 1.5685 area.
Euro/JPY: A relatively quiet session with the Euro consolidating between the rather tight parameters of resistance at 9629 and support in and around the 9574 zone. This general sideways action finally closed at 9616.
GBP/Euro: The GBP came under renewed downward pressure today and after early strength was restricted by resistance in the 1.2824 area values moved steadily lower for the balance of the session. Little support re-emerged until late in the day in the 1.2713 region before a slight short covering bounce saw the market finally close around 1.2738.