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Another Missile Launch


(Z1) Bearish Trend Condition


Finished Higher, Held Below $0.73


Reaction to Wednesday's FOMC Minutes continued Thursday, demand for the USD eventually taking EUR/USD to an extended corrective pullback low of $1.1802 before rate began to pick up fresh demand which lifted it through the 1600BST fix. Rate touched $1.1865, holding just off its earlier high of $1.1869, but closed the day with a buoyant feel around $1.1860. Asia extended the recovery, edging the rate on to a high of $1.1883 ahead of the European open. Some early profit take sales noted but the sales only able to ease rate back to $1.1873 with the underlying tone remaining bullish, albeit struggling to pick up fresh momentum at writing and also noted slightly lagging other G-10 currencies, notably sterling. Focus this morning on EZ flash PMI data. The PMI set seen forward looking and one of the few data to be able to move markets. France 0815BST, Germany 0830BST, EZ 0900BST. EZ Consumer Confidence due for release in the afternoon at 1500BST. US prelim PMI due at 1445BST, with Home Sales at 1500BST.
Support $1.1860/50, $1.1810/00. Resistance $1.1883/84(Int.Day high/50% $1.1966-1.1802) ahead of $1.1903(61.8%) and $1.1927(76.4%).