The euro broke into its current range on June 2nd, gaining 224 points open to close and 276 points low to high. A subsequent addition on the 3rd and 4th to 1.1380 has defined the euro range this month.
It has remained above that day's 1.1151 close with strong support, except for one brief dip to 1.1050 from Friday the 5th to Monday the 8th.
Until yesterday 1.1192 had also provided support having been breached only twice, the above mentioned slide and an even shorter lived run to 1.1154 on June 12th.
The move higher on the 2nd was rapid. The majority of the run (1.1037-1.1192, 155 points) took place in just 30 minutes between 8:50 and 9:20 am in New York. The speed of the move on the 2nd and the lack of trading below 1.1151 since the 8th means that there will be few orders to absorb selling if the market breaks below the 1.1151 support limit.
Pending developments in the Greek European saga the ranges from the June 2nd, particularly the two highs, are likely to be determinative.
Chief Market Strategist
WorldWideMarkets Online Trading