MNI China Daily Summary: Wednesday, April 17

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MNI BRIEF:ECB Unifies Interest On Non-Monetary Policy Deposits

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8900 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8819/0.8844 20-day EMA / High Mar 15
  • PRICE: 0.8740 @ 06:02 GMT Mar 21
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP short-term signals remain bearish and the cross is trading at its recent lows. Price has recently breached support at 0.8755, the Feb 28 low and recently pierced 0.8722, the Jan 19 low. Clearance of 0.8722 would leave the 0.8700 handle exposed and signal scope for a continuation lower. Initial firm resistance is seen at 0.8844, the Mar 15 high. A breach of this hurdle would ease bearish pressure and open 0.8900, a trendline resistance.

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