18.11 - EUR/USD regains poise
- by George Solotarov
EUR/USD - 1.1855. The single currency initially gained to 1.1867 in Asian morning yesterday before retreating to 1.1844 in European morning on cross-selling in euro. However, renewed buying interest emerged and the price rallied to a 1-week high at 1.1893 shortly after New York open but only to weaken again to 1.1858 on profit-taking, then to 1.1851 in Asian morning today.
Despite the euro's resumption of the up move from last Wednesday's 1.1746 low to 1.1893 yesterday, subsequent retreat suggests choppy trading below November's 7-week peak at 1.1919 would continue and below 1.1815 would bring stronger retracement to 1.1788/90 but 1.1746 should hold, yield another bounce. Some offers are tipped at 1.1865/70 with stops above 1.1900 while bids are noted at 1.1845 with a move below and stop below 1.1800.