EURUSD bounces back over 11600

HotForex Market Review
HotForex Market Review


The Common currency regained some bite today following the Mario Meltdown on Thursday. EURUSD bounced off morning lows at 1.1563 to regain the 1.1600 handle and trades at 1.1620, next resistance at 1.1630 and the Daily R1 at 1.1640, support at 1.1605 and 1.1591. EURJPY  has moved off support at 127.82 back over 128.00 and pivot point at 128.20, first resistance sits around 128.45 and 128.72 (R1). EURGBP, the days best performing EUR cross, has moved from lows of 0.8728 through the Daily pivot and R1 at 0.8755, next resistance at the 200 period moving average at 0.8770 and R2 at 0.8775.

The ECB Forum on Central banking kicks off tonight in Portugal with the opening speech delivered by Mr  Draghi and although its unlikely he will have the impact his balancing act on Thursday delivered it deserves careful monitoring.

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