Euro corrective phase continues for time being.
January 16, 2013 Leave a comment
Euro/USD: The current corrective and reconsolidative phase for the Euro continued today and after opening in the 1.3310 area values initially fell away to challenge the 1.3262 region where support re-emerged. A bout of buying took prices back towards 1.3325 from where resistance re-emerged and forced the market back down to retest the earlier established lows prior to finally closing around 1.3285.
GBP/USD: The GBP came under further downward pressure today and from an opening around 1.6078 (which proved to be about the high for the session) values headed south almost immediately. Support finally re-emerged late in the day in the 1.5975 area prior to finally closing just above here at 1.5987.
Euro/JPY: After initial Euro weakness took values towards the 11647 area the trend for the balance of the day tracked sideways as consolidation mode was entered. Bounces were restricted by resistance at 11765 prior to finally closing in and around the 11754 region.
GBP/Euro: The GBP downward cycle resumed today and after early rally attempts were restricted by resistance in the 1.2097 area values headed lower for the balance of the session. The European session closed in and around the area of the day’s lows of 1.2025.