Euro backs away from resistance.
January 18, 2013 Leave a comment
Euro/USD: Failure to break key resistance areas caused the Euro to end the week on a negative note and after pushing towards the important 1.3400 region early in the session values slipped away for the balance of the European day. Support in and around 1.3280 was challenged towards the close with the market finishing just above here at 1.3296.
GBP/USD: While the GBP consolidated for a short period around the opening levels of 1.5882 this proved short lived as the downward cycle resumed with a vengeance. A little support was uncovered at 1.5923 but once this gave way values accelerated to a low point of 1.5857 before finally closing in the 1.5873 region.
Euro/JPY: After early Euro strength ran into resistance in the 12073 area values slipped away during the second half of the session with support at 11934 coming under fresh examination. This corrective day finished only marginally above these lows in and around the 11953 region.
GBP/Euro: While the rate of descent slowed today the GBP still managed to slip further and from an opening around 1.1950 prices challenge the 1.1920 zone before support re-emerged. This rather choppy day finally closed in the 1.1939 region.