MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Corrective Phase

EURUSD TECHS
  • RES 4: 1.1055 1.236 projection of the Apr 16 - Jun 4 - 26 price swing
  • RES 3: 1.0981 High Mar 8 and a key resistance
  • RES 2: 1.0964 High Mar 13
  • RES 1: 1.0897/0948 High Jul 23 / 17 and the bull trigger
  • PRICE: 1.0858 @ 05:51 BST Jul 26
  • SUP 1: 1.0826 Low Jul 25
  • SUP 2: 1.0815 50-day EMA
  • SUP 3: 1.0774 61.8% retracement of the Jun 26 - Jul 17 bull phase
  • SUP 4: 1.0733 76.4% retracement of the Jun 26 - Jul 17 bull phase

EUR/USD is trading closer to its recent lows and a bear cycle remains in play. The move down appears to be a correction. The 20-day EMA, has been cleared and this has exposed a firmer level at 1.0816, the 50-day EMA. A clear breach of the average would signal scope for a deeper retracement. For bulls, a reversal higher would highlight the end of the corrective cycle and open the key resistance and bull trigger at 1.0948, the Jul 17 high.

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