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EUR/USD Finds Support at $1.1920/10 but Recovery Efforts Laboured

EUR
MNI (London)
  • Recovery off the recent lows of $1.1848 extended Friday to $1.1975 before reversal through the 1600BST fix to $1.1926, edging back to $1.1942 ahead of its close at $1.1936.
  • Rate nudged to $1.1942 in early Asia before turning lower again, the rate touching a low of $1.1920 after meeting demand from around the $1.1925 level.
  • Support is noted between $1.1920/10, a break of $1.1900($1.1897 61.8% 1.1848-1.1975) to expose $1.1880($1.1881 Jun22 low, $1.1878 76.4% $1.1848-1.1975) ahead of $1.1848(Jun18-21 lows).
  • Option expiries of note for today's NY cut include a total of E1.5bln EUR puts that roll off between $1.1900-25, E1.1bln EUR puts at $1.1950.
  • Resistance $1.1942/50 ahead of $1.1975 with further headwinds expected from $1.1985 through to $1.2000.
  • A light data calendar Monday with attention on central bank speakers. ECB Panetta 0810GMT, ECB Weidmann 1200GMT, Guindos 1400GMT.
  • US Fed Williams(dove) 1300GMT.
  • Focus this week on US Employment, Thursday weekly claims, Friday NFP and possible effects on taper timetable.
  • MNI Techs: Price has cleared the 50-day EMA and 1.2104, Jun 4 low, highlighting a bearish theme and this has also confirmed a bearish price sequence of lower lows and lower highs. Attention is on 1.1837, a Fibonacci retracement where a break would open 1.1704, Mar 31 low and a key support. On the upside, initial firm resistance is 1.2006, the Jun 17 high.
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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