EUR/USD sits at 1.2345, about 10 pips South of where it closed out Thursday in North America after a slow Asian session.
The single currency received a boost Thursday from Merkel’s reiteration of her commitment to work with the ECB to solve the crisis.
Another plus for the euro was Medley Global Advisors saying that Spain will request a bailout, that will allow the ECB to buy the country’s debt, at a meeting of Finance Ministers and central bank governors next month.
Next hurdle for the bulls will be the well documented sell orders lined up at 1.2380/00. Buy stops gathering above there.
On the downside, buy orders clustered from 1.2325 down to 1.2280.
