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Euro Closes at Week's High in New York

The euro rallied in New York after five days of on and off selling failed to produce a conclusive break of 1.0700.  London traders took the united currency to its low at 1.0691 when a quick run from 1.0745 cut through the intra-day of of 1.0734, reaching 1.0715 within a minute and the day's low shortly thereafter. The old low held at 1.0734 held as resistance for almost six hours thereafter. Several attempts to move back above were rejected but there was no follow through and each time the drop was short-lived and shallow.

Mid-way through the New York morning the fourth try produced a a quick 30 point surge to 1.0769 that turned higher to 1.0793, and, after a brief slide to 1.0767 broke to 1.0808. Each subsequent drop brough a higher low and though the market did not make a new top until almost 4:00 pm at 1.0825 the selling was in clear retreat. From the top it coasted lower to close at 1.0813. 

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