Market Moving News: EUR/USD - Jan 31

By IBTimes Staff Reporter | January 31 2010 2:05 AM

EUR/USD - 1.4012.. Asian traders are licking their wounds as a carnage took place in the morning where certain U.S. investment banks & European names were actively selling euro, causing price to fall fm 1.4040 (Aust.) n once y'day's 1.3993 low was given, intra-day decline accelerated as some big stops were triggered, causing euro to nose-dive briefly to 1.3930 but buying by Asian sovereign name pushed price back up to 1.4025 (NY closing was 1.4022). Euro will be sold on rally n intra-day short-squeeze has only delayed the inevitable. More offers are seen fm 1.4020-40 but earlier bids below 1.3950 suggests range-trading is the way to go today.

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