Market news
07.01.2011, 18:42

EUR/USD recovers

EUR/USD edges higher as market players pare back shorts heading into the weekend. The pair will need to close back over $1.2965/70, the lows seen Dec (old support/now resistance) for any kind of upward momentum to be seen, traders say. In the bigger picture, the euro will need to again vault its 200-day moving average, in place at $1.3076 Friday. For now, traders are content to sell any larger euro rallies. The euro has fallen 3.9% from peak to trough ($1.3433 Jan 4 to Fri lows) in 2011 so far.

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