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EUR/USD Eases in Asia But Meets Support Into Europe.

EUR
MNI (London)
  • Recovery off Monday's low of $1.2130 extended through the NY session to an eventual high of $1.2253 before momentum faded and rate eased to $1.2228, closing at $1.2245.
  • EUR/USD marked a high of $1.2250 in early Asia before it began to drift lower at the Tokyo open, eased to $1.2216 into the European open.
  • $1.2200 level holds the strike of E2.25bln of expiring options for today's NY cut, E1.84bln being EUR puts. Technical support $1.2206(38.2% $1.2130-1.2253, Monday's recovery) ahead of the mentioned option interest.
  • Further support seen at $1.2180 ahead of $1.2150 and $1.2130.
  • Resistance $1.2250/53, stronger into $1.2280($1.2272/73 recent highs).
  • US Core PCE at 1330GMT, Existing Home Sales and Richmond Fed 1500GMT.
  • US fiscal stimulus bill has passed, along side a Govt spending bill, but brings little cheer to the market.
  • COVID spread in the UK, likely that the more virulent strain is in Europe, could prompt more border closures and seen weighing on risk.
  • MNI Techs: Underlying bullish conditions remain intact. However, daily trend condition is overbought and would suggest pair is due a correction. If correct signals scope for weakness towards 1.2103, the 20-day EMA that also marks a trendline support drawn off the Nov 4 low. On the upside, 1.2273 is the bull trigger.
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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