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EUR/USD Firm, Needs Break of $1.2100/10 to Boost Upside Hopes

EUR
MNI (London)
  • The corrective pullback away from Tuesday's high of $1.2169, prompted by the return of US markets and a spike higher in UST yields, extended to a low Wednesday of $1.2023 before beginning a recovery.
  • This recovery continued through Thursday trade, the rate touching $1.2095 ahead of the close, with early Asia Friday extending this to $1.2098.
  • Early Tokyo saw rate ease off to $1.2082 before fresh demand emerged to edge rate back to $1.2096 ahead of Europe.
  • Resistance seen into $1.2100 ahead of Feb17 high at $1.2110(see MNI Techs below), with technical retrace levels noted at $1.2113(61.8% $1.2169-1.2023) ahead of $1.2135(76.%). A break of this latter level seen needed to expose the recent high at $1.2169.
  • Support $1.2082/80 ahead of $1.2050 and stronger interest into $1.2020.
  • UST yields, US fiscal stimulus headlines and Fed speak remain key drivers.
  • Germany PPI 0700GMT, France CPI 0745GMT but main focus will be on release of flash PMI data for France 0815GMT, Germany 0830GMT and EZ 0900GMT.
  • US flash PMI's at 1445GMT, Existing Home Sales 1500GMT with Fed Rosengren(non-voter, no known bias) to speak at 1600GMT.
  • MNI Techs: EURUSD traded lower Wednesday following the pullback from $1.2169, Feb 16 high. The price pattern on Feb 16 is a bearish candle - a shooting star. Following Wednesday's extension lower, scope is seen for a deeper pullback with the next support at $1.2020, Feb 8 low. Thursday's gains are for now, considered a correction. A break of $1.2020 would expose $1.1952, Feb 5 low. Gains above $1.2110, Feb 12 high would refocus attention on $1.2169.
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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