European action was limited but NY managed to spark things up if only slightly. EUR/USD opened NY near 1.3110 & spiked the pair to 1.3070 as USD/JPY lifted-off from 100.00. Bears couldn’t push further as EUR/JPY buys aided to cushion EUR/USD sales. EUR/JPY rallied from 131.07 to 131.35 & allowed EUR/USD to touch 1.3102 ahead of the Philly Fed data. The numbers beat solidly & firmed the USD again. EUR/USD hit a session low of 1.3066 before rebounding. EUR/JPY went on a stop loss run & hit a high of 131.88. EUR/USD lifted from the lows & the rallied picked up steam after Portugal’s govt survived a no confidence vote. The pair briefly traded above 1.3120 but could manage no added gains as EUR/JPY buys subsided. Heading into the close EUR/USD sat near 1.3110 to leave it down only slightly on the day. Another failed attempt to hold below the 200 DMA is encouraging to bulls and suggests dip buyers lurk. Bears are becoming frustrated & a break above the July 11 high may see them relent. Should that high be cleared there is not much resistance until the June highs near 1.3415.
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