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EUR/USD Consolidating the Week's Gains

EUR
MNI (London)
  • EUR/USD recovery off last Friday's low of $1.1952 extended to $1.2149 in early NY Thursday before reversing, touching a NY session low of $1.2122 through the 1600GMT fix.
  • Rate recovered to $1.2137, closing the day at $1.2132.
  • Asia touched a high of $1.2135 in opening trade before it eased off to $1.2119 as USD/JPY picked up demand in a returned Tokyo market. Asia thinned by the Lunar New Year celebrations.
  • Buyers quickly moved into the dip to take rate back up to $1.2132 but was seen meeting some headwinds into Europe.
  • Spain CPI provides data interest with attention on the G7 FinMin and CB Governors meeting, discussing effects of the pandemic.
  • Immediate support seen at $1.2120/10, stronger between $1.2100-1.2090. Break here exposes $1.2074(38.2% $1.1952-1.2149) ahead of $1.2051(50%) and $1.2027/20(61.8%/Feb08 low). Resistance $1.2135, $1.2149/51(Feb11 high/50% 1.2349-1.1952), stronger at $1.2156(Jan29 high). Break to expose recent highs at $1.2170/76 then $1.2197(61.8% $1.2349-1.1952).
  • Weekend approaching with no major releases in the EZ or US. Lack of further upside fuel could lead to some mild profit taking in an otherwise consolidating market.
  • MNI Techs: The Feb 5 price pattern, a bullish engulfing reversal continues to highlight a short-term bull theme suggesting scope for a recovery. It also marked a base at last week's 1.1952 low. Strong resistance at 1.2092/98, the 50- and 20-day EMAs gave way this week, opening $1.2156 next. On the downside, sub 1.1952 levels would resume recent bearish pressure.
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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