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Japanese MOF sells Y964.3bn 20-Year JGBs:

JGBS AUCTION

Japanese MOF sells Y4.7714tn 3-Month Bills:

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Bearish Risk Firming

EURUSD TECHS
  • RES 4: 1.1692 High Oct 28, 2021
  • RES 3: 1.1608 High Nov 9
  • RES 2: 1.1483/1514 High Jan 14/ Low Nov 5
  • RES 1: 1.1421 High Jan 18
  • PRICE: 1.1313 @ 16:24 GMT Jan 24
  • SUP 1: 1.1291 Low Jan 24
  • SUP 2: 1.1272 Low Jan 04
  • SUP 3: 1.1260/22 1.0% 10-dma envelope / Low Dec 15
  • SUP 4: 1.1186/85 Low Nov 24 / Low Jul 1, 2020 and the bear trigger

EURUSD traded lower Monday, strengthening the short-term bearish condition. This follows the recent break below both the 20- and 50-day EMAs. The move lower highlights the fact that the recent bullish technical developments - a range breakout and breach of a bear channel resistance - have failed to deliver a reversal. Further downside would expose 1.1272, Jan 4 low. Key resistance is at 1.1483, Jan 14 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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