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Monday, May 21, 2007

EUR/USD: Edging Back toward Lows; Bounces Modest

EUR/USD bounces have been quite modest, only to the mid-1.3450s as the market consolidates a sharp sell-off from early in the session. There has been lots of grousing from New York traders who sold EUR/USD on Friday after the Chinese tightening knocked EUR/JPY briefly lower only to be stopped out late Friday morning.

Walking into the office Monday morning and seeing EUR/USD at 1.3440 is too much to bear. 1.3425 is next support of note with another modest support at 1.3410. 1.3450 vanilla expiries are noted today as well as 1.3425s. EUR/USD trades at 1.3443.

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