There was I moaning earlier that it was doing nothing and now we’re back above 1.37.
There’s news in the market that things (for now) may be calming down in the Ukraine. Russia has said it is ready to work with the West but any agreements reached must be implemented and needs to take into account the interests of all Ukrainians. John Kerry spoke to Russian foreign minister about cooperation also.
The downside to those comments is that Russia says the interim government is not a government of national unity but “a government of winners” that include extremists.
While there’s still military feather ruffling going on the rhetoric is turning towards solutions rather than ongoing diplomatic conflict and that’s calming the markets. There’s a long long way to go and we know that Russia can offer a bunch of flowers in one headline and a hand grenade in another so we need to stay fleet footed for now.
The Euro has managed to break back through the former support level at 1.3710/15 and flushed some stops of short term shorts along the way. We’re just looking to keep hold of the level and despite the possibility of deflation drama tomorrow, look like ending the day on a bid tone.
EUR/USD h4 chart
The picture around here is a bit murky and so 1.3770/75 is the upside level I’m looking at now as the first strong resistance area from here. Mild support is coming in around 1.3708/10.
That’s me done for the day but I’ll be keeping an eye on things as Miles steers you from here into the Asian session. As is always the case thank you for your help and input today, particularly the folks who helped me out with my AUD/NZD chart problem. Many pips to you all.