Euro loses ground across the board once more.
August 8, 2012 Leave a comment
Euro/USD: The Euro corrected recent gains today and after initial rally attempts were restricted by resistance in and around the 1.2402 area values came under fresh downward pressure for the balance of the morning. Lows for the day were established just after lunch at 1.2327 from where book squaring and a little bargain hunting pushed values higher to close at 1.2372.
GBP/USD: After coming under further downward pressure during the early part of the morning session, good support for the GBP re-emerged in and around the 1.5572 area from where its fortunes improved significantly and valued bounced impressively. However, resistance re-emerged in the 1.5678 region with the European session closing only just beneath here at 1.5663.
Euro/JPY: The Euro came under renewed downward pressure today against the JPY and after opening in the 9743 area prices fell away for most of the session with little support being uncovered until the 9657 zone. However, profit taking trimmed these losses with values finally closing in the 9700 region.
GBP/Euro: The GBP recouped some of the recent losses today and after a short period of consolidation around the opening levels of 1.2605 the continued success of support around 1.2580 encouraged the buyers back into this market. Values soared to make a peak for the session at 1.2692 before finally closing in the 1.2665 region.