EUR-USD maintained a supportive tone close to the 1.4000 area after recording early European highs of 1.4015. The move up to the high was reinforced by stop loss activity, but succumbed to profit taking in EUR-JPY, which briefly pull back in to the 130.00 area before resuming the move higher. EUR-USD traded in to 1.3970 as a result, with Asian and Eastern European names noted on the offer. Option expiries from 1.4000 have encouraged European account bids and more open interest is seen at 1.4100 and 1.4140 and could come in to play if German ZEW and Euro-Zone industrial production surprise on the upside.
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