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EUR/USD Buoyant as it Maintains Break Above $1.22

EUR
MNI (London)
  • Pressure remained on the USD through Tuesday's session, allowed EUR/USD to push through $1.2197 (76.4% $1.2349-1.1704-2021 range) before momentum faltered around the top of the 1.0% 10-dma envelope at $1.2234.
  • Rate eased to $1.2199 through the 1600BST fix then lifted back to $1.2230 ahead of the close.
  • Rate consolidated in Asia, touched an early high of $1.2233 in early Tokyo before USD demand at the Tokyo fix eased it back to $1.2217. USD drifted lower again in post fix trade which allowed EUR/USD to nudge to $1.2235 ahead of the European open.
  • Resistance $1.2235/43(intraday high and Feb25 high) a break to expose 1.618% swing targets at $1.2251($1.2150-1.1986) and $1.2262($1.2182-1.2052), the top of the mentioned envelope now at $1.2262.
  • Support $1.2217, $1.2199(NY hourly low May18) ahead of $1.2170/60.
  • $1.2150 holds the strikes of E1.53bln of EUR puts which roll off at today's NY cut. E1.8bln EUR puts roll off Thursday between $1.2160-75.
  • ECB Rehn(dove) 0600GMT, Panetta(dove) 0820GMT ahead of EZ CPI at 0900GMT. US Fed Bullard(non-voter, dove) speaks at 1400GMT, ECB de Cos(dove) 1430GMT, Fed Bostic(hawk) 1535GMT, ECB Lane(dove) 1550GMT.
  • US FOMC Minutes 1800GMT (doesn't cover recent NFP and CPI releases).
  • MNI Techs: With 1.2200 cleared and the pair holding onto gains, the focus turns to key resistance at 1.2243, Feb 25 high and a bull trigger. A break would open 1.2285, Jan 8 high. On the downside, key short-term support has been defined at 1.2052, May 13 low.
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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