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EUR/USD $1.2160 Key to Keep Rate Buoyed. ECB Thursday Moves Into Focus

EUR
MNI (London)
  • Market had geared up for a strong NFP release Friday, which, if had occurred would have brought in the Fed's taper timetable. The release was an improvement from Apr but missed expectations which dampened the taper outlook and prompted USD sales.
  • EUR/USD saw a low of $1.2104 in pre release trade before it spiked to $1.2185 in data reaction before it settled on $1.2160, closing the week at $1.2167.
  • Rate marked an opening low of $1.2151 in Asia before it quickly settled back above $1.2160, with trade restricted to a tight range of $1.2160-73.
  • Support remains at $1.2160/50 ahead of $1.2135/25, stronger into $1.2100/1.2090. Resistance $1.2185/1.2200, a break to expose $1.2220 ahead of $1.2250/55.
  • Germany Factory Orders 0600GMT, EZ Sentix Investor Confidence 0830GMT.
  • ECB rate decision Thursday Jun10 in focus, expected to maintain current pace of purchases under PEPP.
  • US Fed officials move into a self imposed 'blackout' period' ahead of the mid-June FOMC.
  • MNI Techs: EURUSD is trading above last week's low of 1.2104. The pair remains vulnerable though following a sharp pullback Jun 3 that saw price trade below initial support at 1.2133, May 28 low. Recent price action has also highlighted a short-term top at 1.2265, May 25 high and this signals scope for a deeper corrective pullback. The focus is on the 50-day EMA at 1.2099 that also represents a key area of support.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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