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EUR/USD Firm Into Europe as Yellen Boosts Risk Outlook.

EUR
MNI (London)
  • Fresh risk positioning allowed EUR/USD to extend its recovery, off Monday's low of $1.2054 to $1.2145 into a returning NY market.
  • Rate eased to $1.2116 through Janet Yellen's Senate confirmation speech (no surprises) and the 1600GMT fix, before risk appetite again emerged in late Yellen reaction that edged rate to $1.2130, closing the day around $1.2128.
  • Asia picked up on the risk theme, extended the recovery to $1.2150 before it settled between $1.2140/50 through to the Europe open.
  • Germany PPI at 0700GMT, EZ CPI CPI at 1000GMT provides domestic data interest this morning. US NAHB Housing Index at 1500GMT with main focus on President Biden's inauguration speech at 1700GMT.
  • ECB meeting looms Thursday, focus on Lagarde comments.
  • Support $1.2123, stronger between $1.2100-1.2075. Resistance $1.2150, $1.2158/63(61.8% 1.2223-1.2054/Jan15 high) ahead of $1.2180, $1.2202, $1.2230.
  • MNI Techs: Having traded poorly for a number of sessions now, EURUSD bounced smartly Tuesday. The climb though does not alter the near-term outlook and a bearish corrective theme remains in place following the recent sell-off from 1.2349, Jan 6 high. The leg lower is allowing a recent overbought condition to unwind. A resumption of weakness would open 1.2011, Sep 1 high next and 1.1976, a Fibonacci retracement. 1.2230 marks a firm resistance.
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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