Both the Euro and the GBP come under fresh downward pressure.
August 9, 2012 Leave a comment
Euro/USD: The Euro remained under downward pressure today and after initial strength was restricted by resistance in and around the 1.2387 area values headed south once again. Support finally re-emerged in the 1.2287 region with the European session coming to an end in and around the 1.2303 region.
GBP/USD: Similar to the Euro, the GBP also came under renewed downward pressure today and with early rally attempts meet strong resistance in the 1.5686 area prices trended lower for the balance of the session. Fresh buying interest returned in the 1.5605 region which lifted the market a little on the close for values to finish around 1.5635.
Euro/JPY: A rather volatile session which saw the Euro oscillate sharply and after early rally attempts met strong selling around 9729 values fell quickly towards 9633 before the buyers returned. This took values back up late in the afternoon session with the market finally closing the European day at 96.98.
GBP/Euro: After opening in the 1.2660 area the GBP improved impressively with prices soaring to a peak of 1.2718 where profit taking and speculative shorting stopped the rally in its tracks and values slipped once more towards 1.2689 prior to finally closing around 1.2699.