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EUR/USD Drifts Below $1.1900 Into Europe, $1.1860 Remains Key.

EUR
MNI (London)
  • The reported large option expiry interest around $1.1900 managed to keep the rate capped ahead of expiry Thursday, but with restriction removed rate further extended its recent recovery to $1.1927 before it settled around $1.1915 into the close.
  • Also noted was key support at $1.1860, the rate holding this level into the NY open before the mentioned rise. The move above $1.1923 has brought $1.1940(50-dma see MNI Techs below) then $1.1947/50( Mar22 high/38.2% 1.2349-1.1704(2021 range) into view ahead of $1.1970/75 and March highs at $1.1989/90.
  • Rate struggled to hold gains outside the top of its 1.0% 10-dma envelope Thursday($1.1919), easing back inside with envelope topside by time edging to $1.1929.
  • Early consolidation in Asia, the rate capped at $1.1920 before it slipped back toward $1.1900, with the 200-dma at $1.1897 close behind, into Europe. A break here to open a deeper move into $1.1885/75 ahead of still relevant $1.1860.
  • Germany Trade, IP provides early focus at 0600GMT, France IP/Mfg data at 0645GMT. ECB Guindos due to speak at 0730GMT.
  • US PPI 1230GMT. Fed Kaplan(hawk) speaks at 1400GMT and 1600GMT.
  • MNI Techs: Price gains have resulted in price moving into its bear channel range drawn off this year's Jan 6 high - the channel base was breached in March. Gains are still considered corrective though with the next firm resistance at 1.1940, the 50-day EMA. A clear break of the average would signal scope for an extension higher. Initial support is 1.1859, the 20-day EMA.
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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