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Sunday news from Germany about Free Democrats breaking off Merkel's coalition was meet with a 75 pip decline after the open. Late shorts were squeezed in European trading, to just above 1.18, where new round of selling began. 1.17 may not yield easily.
Blog de la Communauté FX
EURo starts the week well but will it last?
German chancellor Merkel made some concessions with regard to refugee politics yesterday while Catalonia didn't declare independence. EUR/USD rose about 40 pips in overnight trading. It followed that up as Europe opened for business and briefly traded above last Wednesday's high before pulling back.
Strong support in 1.165 - 1.17 band includes August low, 23.6% retracement of this year's uptrend and 100 DMA. If the support gives way, 1.15 will come into focus. On the upside, 1.18 is the initial …
Strong support in 1.165 - 1.17 band includes August low, 23.6% retracement of this year's uptrend and 100 DMA. If the support gives way, 1.15 will come into focus. On the upside, 1.18 is the initial …