MNI China Daily Summary: Wednesday, November 20

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EUR: EURUSD Holds Weekly Lows around 1.0525, For Now

EUR
USCEEMEABulletMarketsForeign Exchange BulletsNorth America
  • Knee-jerk reaction briefly takes EURUSD down to 1.0525, closely matching both the Monday & Tuesday lows, the latter also triggered by similar Russia/Ukraine headlines during yesterday’s European session.
  • The single currency continues to struggle above the breakdown point at 1.06 and we pointed out earlier today that most recent price action appears to be a bear flag for the pair, a bearish continuation pattern which underpins the dominant downtrend.
  • Short-term focus remains on the 1.0497 post-election lows, ahead of the 2023 lows at 1.0448.
  • Given yesterday’s strong bounce for major equity indices, greenback sentiment make take its cues from broader sentiment, with close attention on upcoming NVIDIA earnings. For the Eurozone, a quiet data calendar on Thursday will be followed by Friday’s release of flash PMIs, significant given the tariff-related growth concerns and political developments in Germany.
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  • Knee-jerk reaction briefly takes EURUSD down to 1.0525, closely matching both the Monday & Tuesday lows, the latter also triggered by similar Russia/Ukraine headlines during yesterday’s European session.
  • The single currency continues to struggle above the breakdown point at 1.06 and we pointed out earlier today that most recent price action appears to be a bear flag for the pair, a bearish continuation pattern which underpins the dominant downtrend.
  • Short-term focus remains on the 1.0497 post-election lows, ahead of the 2023 lows at 1.0448.
  • Given yesterday’s strong bounce for major equity indices, greenback sentiment make take its cues from broader sentiment, with close attention on upcoming NVIDIA earnings. For the Eurozone, a quiet data calendar on Thursday will be followed by Friday’s release of flash PMIs, significant given the tariff-related growth concerns and political developments in Germany.