Down about 160 pips from last week’s close. EUR/USD is gonna be a grind rather than a collapse as there is a constant bid under the market as capital is moved from overseas back to Europe. That trend is only going to accelerate as the EU debt crisis intensifies.
1.2900 is the early target for Asia on Monday morning should there be any surprises over the weekend. 1.2854 is further support if that level gives way.
We end the week solidly below the 61.8% retracement of the 1.2626/1.3487 rally which comes in at 1.2955.
Have a good weekend, all.
