Euro recoups lost ground in the afternoon.
August 6, 2012 Leave a comment
Euro/USD: After initial Euro strength ran into strong resistance in and around the 1.2443 area prices through the balance of the morning session to challenge support in and around the 1.2342 area. This stimulated the buyers back into the market and during the afternoon values pushed higher once again to finish the European day in the 1.2423 region.
GBP/USD: Clearly a day of two halves once more with the morning session experiencing GBP weakness with support in the 1.5546 area coming under serious examination. However, success in holding here encouraged the bulls back into the market and during the afternoon prices accelerated to the upside once more with the European day finishing around 1.5630.
Euro/JPY: After early Euro strength ran into heavy resistance in and around the 9780 zone values drifted lower for the balance of the morning with support around the 9670 area coming under serious attack. Success in holding here stimulated a fresh recovery with values moving higher during the afternoon to close at 9710.
GBP/Euro: The GBP continued its short term downtrend today and with rally attempts meeting stiff resistance around 1.2636, values headed towards 1.2558 before fresh demand was uncovered. A slight bounce on the close saw the market finish in the 1.2587 region.