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Consolidates Around $1.2150, Awaits Fresh Directional Impetus

EUR
MNI (London)
  • Recovery off the Dec09 low of $1.2059 extended to $1.2177 into early NY trade Monday before it dropped back to $1.2123 into the 1600GMT fix.
  • EUR/USD recovered post fix to $1.2161 before it settled around $1.2150 into the close (close $1.2143).
  • Goto-bi day and EUR/JPY demand helped to lift EUR/USD to $1.2163 before momentum faded. Rate drifted off to $1.2145 then edged back to $1.2155, settling back around $1.2150 into Europe.
  • Asian traders suggest that leveraged accounts have been paring longs, whilst IMM accounts continue to add to longs.
  • Talk off resistance into $1.2170, with this interest extending to the recent highs at $1.2177/78(Dec14 high/Dec04 YTD high). A break of $1.2180 to expose $1.2200. Support seen into $1.2140, stronger into $1.2100.
  • France and Italy CPI provides data interest this morning. US Empire Index, Redbook, Capacity Utilisation and IP in view into the afternoon. ECB Lane speaks at 1400GMT(dove. Market to watch for any mention on EUR strength).
  • Market remains on headline watch as regards Brexit trade negotiations and US fiscal stimulus talks.
  • MNI Techs: EURUSD traded higher Monday but still remains below recent highs. A bullish outlook though is intact. A positive theme follows the Dec 1 clearance of 1.2011, Sep 1 high that confirmed a resumption of the uptrend since Mar 23. The pair has also cleared 1.2102, 76.4% of the entire 2018-20 downleg reinforcing bullish conditions. MA studies also point north. The focus is on 1.2184 next, a Fibonacci projection. Initial firm support is seen at 1.2059.
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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