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Wednesday, March 14, 2007

EUR/USD: Breaks North of 1.3200 after Quiet Morning

EUR/USD spent a very quiet first few hours trading between the 1.3185/95 levels as EUR/JPY buying offset any downside impetus as US stocks opened firmer. Prices have since turned lower on Wall Street and the USD has followed.

1.3220/25 offers remain rumored on rallies amid reports of barriers at 1.3225 and 1.3250. Support is seen at 1.3160 but stops are building below that level and below 1.3150. EUR/USD trades at 1.3201.

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