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Dovish ECB Continues to Weigh on EUR

EURO-DOLLAR
MNI (London)
  • Dovish ECB saw EUR/USD pressed to a low of $1.1650 before settling around $1.1675 into the close.
  • Rate touched an early low of $1.1669 in Asia before it reversed tack, the rate edging to a high of $1.1695 though without much conviction. Rate settled around $1.1680 into the Europe open.
  • Mild selling into Europe has eased rate to $1.1665.
  • Support remains into Thursday's low of $1.1650, a break to expose the Sep25 low of $1.1612. Resistance noted between $1.1700/10.
  • Despite the current soggy feel for the EUR many reports suggest a strong recovery in EUR/USD into 2021.
  • Dovish ECB/December meeting of note but Tuesday's US election now takes prominence, along with COVID spread.
  • Month-end and attention on today's 1600GMT/1200ET fix.
  • MNI Techs: Move below Wednesday's low of 1.1718, as well as key support at 1.1689, Oct 15 low, strengthens the bearish case. This exposes 1.1612, Sep 25 low, and the primary bear trigger. Initial resistance is at 1.1759, Thursday's intraday high.
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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