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EUR Applies Pressure on $1.1900

EUR
MNI (London)
  • Biden named president-elect over the weekend provided risk with added buoyancy in Asia. Senate focus moves to the Georgia vote Jan05.
  • EUR/USD had edged to a high Friday of $1.1891 with corrective pullbacks held above $1.1850 before closing the week at $1.1873.
  • Demand in Asia was tempered by early EUR/JPY sales, but rate managed to extend recovery to $1.1896 with pullbacks contained at $1.1880.
  • Resistance has been noted between $1.1895/1.1900, suggested to be option related with traders highlighting that E3.1bln of EUR calls roll off at today's NY cut.
  • Break of $1.1900 to expose $1.1915/17(76.4% $1.2011-1.1603/Sep10 high) ahead of $1.1930 then $1.1950. Support $1.1880, $1.1850.
  • ECB Lagarde speaks at 0915GMT. EZ Sentix at 0930GMT. ECB Mersch speaks at 1200GMT.
  • MNI Techs: EURUSD maintains a firmer tone following last week's gains and most recently, the breach of key resistance at 1.1881, Oct 21 high. The break of this level reinforces underlying bullish conditions paving the way for a climb towards 1.2011, Sep 1 high. The first objective though is 1.1917, Sep 10 high. On the downside, key support has been defined at 1.1603.
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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