FXstreet.com (Barcelona) - As
it's been usual for some recent Asia-Pacific sessions, EUR/USD is currently
inside a very narrow range 1.2568/53 since session started, last at 1.2561, off
yesterday's and fresh 6-week highs at 1.2588. Local share markets trade all in
the red losing on average more than -1%, while gold retreats at $1665 from
recent 4-month high yesterday at $1673, and US SP500 futures stay flat barely
above the 1400 points mark.
Again London session ahead will
show no EUR macro data related risk events on the agenda, with focus on
Greek-EZ leaders meetings going on, today with Greek PM Samaras visiting German
PM Merkel, and also on Spain possibly asking for the bailout as soon as mid
Sept according to sources, with its risk premium back above the 500bps for
German 10y yields. As usually for Fridays, no EZ sovereign debt auctions will
take place today.
Immediate resistance to the
upside for EUR/USD shows at recent fresh 6-week highs yesterday and 0.38
retrace of 1.3489/1.2037 down leg at 1.2588/93, followed by former Jan 2012
lows at 1.2622,and June 11 highs at 1.2668. To the downside, closest support comes
at Tuesday's highs/0.38 retrace of 1.2293/1.2588 up leg at 1.2487/77, followed
by Aug 06-07 highs/Wednesday's lows/0.5 retrace of same up leg at 1.2440/32,
and Aug 14/17 highs at 1.2385.
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