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EUR/USD Buoyant Ahead of Key Flash PMI's

EUR
MNI (London)
  • EUR/USD pared Wednesday's FOMC react losses through Thursday's session, the rate extending the move away from $1.2160 to $1.2229 ahead of the close.
  • A subdued start in Asia, rate marked an opening low of $1.2223 before Tokyo extended the recovery move to $1.2239 before meeting resistance. Rate eased to $1.2228 before buyers emerged which edged rate back to $1.2237 into Europe.
  • Risk appetite cited for the current recovery, with the USD again under general pressure.
  • EZ Flash PMI's provides the main focus this morning (France 0715GMT, Germany 0730GMT, EZ 0800GMT) , a strong release expected to boost current recovery, could provide the momentum to take on $1.2240/50 (suggestion of a $1.2250 barrier). A move above to expose $1.2280/85(top of 1.0% 10-dma/Jan08 high) ahead of $1.2300. Support $1.2225/20, $1.2200, stronger at $1.2185/75, $1.2160/50 then $1.2126.
  • ECB Lagarde speaks at 1100GMT. US PMI's 1345GMT, EZ Consumer Confidence and US Existing Home Sales 1400GMT.
  • US Fed Kaplan, Bostic, Barkin speak at 1615GMT.
  • MNI Techs: EURUSD outlook remains bullish following recovery last week from 1.2052, May 13 low. Pair rallied Wednesday to 1.2245 before pulling back. An extension higher would open 1.2285, Jan 8 high. On the downside, key short-term support has been defined at 1.2052, May 13 low while initial support is at 1.2126, the May 17 low. A break of the former would signal a top.
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
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