EUR/USD/Flows and Orders/Technical Analysis

EUR/USD: Intraday moves depend on EUR/JPY flows

There is slightly more expectation than usual ahead of the BOJ and this should generate plenty of turnover in EUR/JPY. The cross has initial support at 102.40 with a 38.2% Fibo behind there at 102.15; resistance levels are at 103.20 and 103.85. EUR/USD will move according to directional flows in EUR/JPY pre-BOJ.

There was talk overnight of solid demand for EUR/USD below 1.3030 from Sovereign names, including Russia and Middle East Sovereigns, but these players are usually not active during Asian trade.

Range trade between 1.3020/80 seems the most likely outcome.

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