After recent correction the Euro rebounds impressively.
January 17, 2013 Leave a comment
Euro/USD: After the past couple of days corrective action the Euro rebounded impressively today and with early weakness being cushioned by support at 1.3270 values pushed higher for the balance of the morning session. Resistance finally re-emerged in the 1.3378 region from where profit taking trimmed gains a little in the afternoon with the European day finally closing in and around 1.3355.
GBP/USD: The short term GBP downtrend remains firmly intact with rally attempts during the morning meeting with strong resistance in and around the 1.6039 area. Failure to break here disappointed the longs and values fell quickly away once more in the afternoon with lows for the session being established at 1.5955. The European day finally closed in the 1.5978 region.
Euro/JPY: The Euro rebounded impressively today effectively recouping most of the past couple of day’s corrective weakness. After opening in the 11778 area initial dips were well supported around 17001 and the market pushed higher for the balance of the session to establish a peak in the 11977 region. Book squaring towards the closed saw prices finish at 11934.
GBP/Euro: The GBP downtrend continued today and after a brief period of consolidation around the opening levels of 1.2041 values pushed lower for the balance of the session. Lows for the day were established around the close at 11955 with the market finishing only marginally above here.