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$1.2000 Remains Elusive

EUR
MNI (London)
  • EUR/USD extended recent recovery to $1.1995 during Europe morning trade, marked a high of $1.1994 in NY before it pulled back to $1.1973, closing the week at $1.1982.
  • Failure to move above $1.2000 will fuel talk that market being confined by a $1.1700-1.2000 DNT option structure. No confirmation but option plays toward $1.2000 getting airplay.
  • Some risk aversion noted in Asia, some traders linking this to the sharp pullback in Bitcoin following reports US Treasury may crack down on money laundering carried out through digital assets.
  • EUR/USD pullback picked up momentum as recent support at $1.1950 was pierced, taking it down to $1.1943 before demand emerged. Rate has edged back to $1.1960 into Europe.
  • EUR has taken the brunt of the correction, other G-10 currencies able to recover initial losses vs the USD, with EUR holding soft in the crosses.
  • Support $1.1943, break here to open a deeper pullback toward $1.1928/26(50% 1.1861-1.1995/Apr08 high/23.6% 1.1704-1.1995) ahead of $1.1910/00.
  • Resistance remains between $1.1995/1.2000, break of $1.2010 to open a move toward $1.2025/30 ahead of $1.2050.
  • EU Current Account 0800GMT, BUBA Monthly Report 1000GMT. Focus on Thursday's ECB meeting, followed by flash PMI's Friday.
  • MNI Techs: EURUSD is softer today but is trading within its recent range and bullish conditions remain intact. A solid break of 1.1990, Mar 11 high would strengthen a bullish argument and signal scope for an extension higher. The recent breach of the 50-day EMA is a bullish development and short-term momentum signals point north. On the downside, initial firm support is seen at 1.1861, Apr 7 and 8 low.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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