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EUR/USD edges to Asian session highs

As the 4pm London FX fix approached yesterday afternoon, an update here begged the question as to whether that might define the top of the day for the EUR/USD. Well, in the event it did not quite manage to do that, but more or less it was the case. The EUR/USD later peaked at 1.0388 and subsequently set a US close at 1.0379. The price action so far today has been pretty contained by recent standards. In fact, it has been extremely tight so far. The EUR/USD just now tested that later US session high and lifted above it, after setting an earlier Asian session low at 1.0370. The fact that it did not rise earlier, even when the USD/JPY dropped towards 153 was all due to the corresponding fall in the EUR/JPY. Perhaps, if the Euro does push a little higher from here, the next resistance level of note beyond 1.04 is the 50 day moving average. That is in place right now at 1.0412. The EUR/USD is currently trading at 1.0392

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