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EUR/USD Bounce Brings $1.20 Back into View

EUR
MNI (London)
  • Interesting bounce back from the Asian low of $1.1943, the move below seemingly clearing out any of the weaker spec longs with rate now testing resistance around $1.1983(76.4% $1.1995-43; posted high $1.1985).
  • A break and clear above this area will leave the $1.1995/1.2000 area exposed to another challenge.
  • Note that recent talk has suggested the option linked resistance ahead of $1.2000, some suggesting a $1.1700-1.2000 DNT structure in play.
  • However, a break here to open a move on toward $1.2025/30, the area holding the 50% $1.2349-1.1704 2021 range retracement at $1.2025, and $1.2027, 61.8% $1.2243-1.1704 as well as this latter level being a 1.618% swing projection based of the move down from $1.1995 to $1.1943.
  • Another failure and rate can sink back toward $1.1950/40.
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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