EURO-DOLLAR: Opened Asia around $1.2395, marked session highs at $1.2401
before coming fresh downside pressure. Japanese sales of euro-yen led
the move lower, the rate dropping down to $1.2314 (61.8%
$1.2254/1.2415). The fresh risk aversion seen prompted after the US
Senate passed a measure overnight that would require the Treasury to
certify that loans to certain countries are repaid, and force the
Treasury to vote against any IMF loan to a country that was unlikely to
repay. Rate recovered off lows, edging up to $1.2340/45 before fresh
selling emerged to take rate back to retest lows. Second recovery was
able to extend above $1.2345 to $1.2362, with rate holding these gains
into early Europe. Resistance seen at $1.2364 (50% $1.2415/1.2314) a
break above to allow for a move on toward $1.2375/80 ahead of
$1.2400-$1.2415, with stops placed on a break of $1.2420. Support
remains at $1.2315, with demand said to extend toward $1.2300.
Provided by: Market News International
before coming fresh downside pressure. Japanese sales of euro-yen led
the move lower, the rate dropping down to $1.2314 (61.8%
$1.2254/1.2415). The fresh risk aversion seen prompted after the US
Senate passed a measure overnight that would require the Treasury to
certify that loans to certain countries are repaid, and force the
Treasury to vote against any IMF loan to a country that was unlikely to
repay. Rate recovered off lows, edging up to $1.2340/45 before fresh
selling emerged to take rate back to retest lows. Second recovery was
able to extend above $1.2345 to $1.2362, with rate holding these gains
into early Europe. Resistance seen at $1.2364 (50% $1.2415/1.2314) a
break above to allow for a move on toward $1.2375/80 ahead of
$1.2400-$1.2415, with stops placed on a break of $1.2420. Support
remains at $1.2315, with demand said to extend toward $1.2300.
Provided by: Market News International
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