EUR/USD opens the month on a firm note

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EUR/JPY and EUR/AUD buying has given the euro a boost in Asia overnight despite the Moody’s downgrade of the ESM and EFSF, as China’s Mfg PMI rises again and helps underpin the single currency.

The pair tripped some earlier stops up through 1.3030 to highs of  1.3048 and has pulled clear of the Ichimoku cloud top (1.2992) with next real pocket of technical resistance up at 1.3075/85 ( 23/22 Oct highs). There may well be a barrier lurking up in front at 1.3050 but i can’t confirm this at the moment.

EUR/JPY has offers  in the 107.50/70 zone with buy stops on a break of 107.70 ahead of a 108.00 barrier. EUR/AUD’s now breaking higher again through the 1.2500 level with initial resistance at 1.2540/50 ahead of the cloud top currently at 1.2580.


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Pete Jackson


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