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Friday, February 16, 2007

EUR/USD: Gives Up Ghost, Makes New Lows

EUR/USD quickly pulled back from the mid-1.3030s to fresh session lows at 1.3102 amid talk of central bank USD buying. A furious rally in USD/JPY after barriers at 119.00 were wiped away helped undercut EUR/USD as well.

Small stops are seen at the 1.3095 level in EUR/USD near-term while more are eyed at the 1.3075 level. EUR/USD trades at 1.3105. Expect markets to thin out very quickly as disgusted intraday specs call it a week.

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