Euro/Dollar – Various buy-side accounts have been rumored on the offer in the major this afternoon. The market has been weighed down for the entire US session and much of European trade on the back of ratings agency downgrades of European country’s along with extremely discouraging results from UK based RBS earlier today. This has inspired an elevation in risk aversion and concurrent flight to safety back in favor of the USD. The heavy tone in the market has brought the pair down to an intraday low of 1.3118 thus far and some of these buy-side names have been on the offer with the intention of taking out decent sell-stops below 1.3095. Key support for the currency now comes in at 1.3025 (15Jan low) but this level is not expected to be tested today. There are some defensive bids propping the price ahead of Friday’s 1.3110 low.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
