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EUR/USD Edges Higher, $1.2040/50 Provides Next Resistance

EUR
MNI (London)
  • EUR/USD reversed sharply away from its ECB react high of $1.2069 to an eventual low of $1.1994 during Thursday's NY session, but managed to close the day around $1.2016.
  • ECB offered nothing new, turning attention more on the June meeting. Lagarde comments suggested the Bank is comfortable with current level of the EUR helped to lift the rate to mentioned highs. Reversal came on reports US Biden would seek to increase capital gains tax which knocked risk outlook, boosting the USD.
  • EUR/USD recovery extended in Asia with rate edging to $1.2029, holding firm into Europe.
  • Support $1.1995/94(61.8% 1.1943-1.2080/Apr22 low) ahead of $1.1975(76.4% 1.1943-1.2080), $1.1969/55(55-dma/50-dma), $1.1943(Apr19 low).
  • Resistance $1.2040/51(61.8%-76.4% $1.2069-1.1994) ahead of recent highs at $1.2069/80.
  • Flash PMI sets for France(0715GMT), Germany(0730GMT) and the EZ(0800GMT) in focus this morning. ECB Survey of Professional Forecasters 0800GMT. ECB Lagarde speaks at 1430GMT.
  • US flash PMI 1345GMT, New Home Sales 1400GMT.
  • MNI Techs: EURUSD stalled at Thursday's high and strong selling pressure reversed earlier gains. The pair remains below Tuesday's high of 1.2080. In pattern terms, Tuesday's candle is a gravestone doji and if correct, a bearish signal. A deeper sell-off would expose firm S/T support at 1.1943, Apr 19 low where a break would strengthen a bearish case. For bulls, a climb above 1.2080 negates the pattern, resumes recent gains and would open 1.2116-22.
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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