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EUR/USD Buoyant Ahead of Flash PMI's

EUR
MNI (London)
  • EUR/USD met decent support Friday at $1.1850, as rate eased lower in a mild risk averse session, closing the week at $1.1857.
  • Rate touched a low of $1.1851 in early, Tokyo holiday, thinned trade before it recovered through the balance of the session to retest Friday's NY high of $1.1878, touching $1.1879 before backing away into Europe.
  • A break of $1.1880 to expose the area of recent highs between $1.1891/94. Through here and $1.1900($1.1901 falling resistance off Sep1, 2020 high of $1.2011) expected to provide some resistance ahead of Nov9 high of $1.1920. Support remains into $1.1850.
  • EZ flash PMI's provide morning interest, France 0815GMT, Germany 0830GMT, EZ 0900GMT. ECB Schnabel speaks at 1310GMT.
  • US Chicago Fed Nat Activity 1330GMT, flash PMI's at 1445GMT.
  • Fed speakers non voters Daly(1900GMT) and Evans(2000GMT)
  • MNI Techs: EURUSD continues to consolidate though a bullish outlook remains intact. Move lower between Nov 9 - 11 is considered a correction and a bullish theme has been reinforced by the recent breach of 1.1881, Oct 21 high. The break higher opens this year's high print of 1.2011 on Sep 1 with the immediate bull trigger at 1.1920, Nov 9 high. On the downside, initial firm support to watch is at 1.1746, Nov 11 low.
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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