Only reaching 1.6266, the pair failed but remains in range at 1.6254 where it is currently trading. The morning climb came as a result of some positive risk sentiment off of a report in the FT that the EU and Spanish officials are working on a bailout programme. The move took the pair from its support at 1.6212 to post a high at 1.6266.
Richard Lee, Independent Analyst for FXStreet.com, believes that the “near term prospects (for the pair) remain bearish.” He believes that the failure to mount a test of 1.63 indicates that resistance in the region is too strong and he sees 1.6119 as a near term test.
Calendar wise, the landscape is pretty clear today. We have the Swiss Monthly Stats Bulletin and SNB Quarterly Bulletin at 07:00 GMT and 07:30 GMT and UK Public Sector Borrowing figures for August at 08:30 GMT.
European futures are higher indicating a corresponding open, whilst commodities look like following suit.