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EUR/USD Firm Through Asia but Progress Toward $1.1900 Looks Tough

EUR
MNI (London)
  • EUR/USD's recovery away from Mar31 low of $1.1704 picked up pace through Tuesday's session, rate pushing to a high of $1.1878, rate holding firm through the Asian session.
  • Traders have noted real money demand interest, said to be covering EUR funded positions for the drive, the move aided by renewed risk appetite.
  • Resistance is seen at $1.1881(61.8% $1.1990-1.1704) with the 200-dma close behind at $1.1891. Break here to open a move back toward $1.1900 with the top of the 1.0% 10-dma envelope currently coming through at $1.1904 which may act to stall any further upside progress. $1.1923(76.4% $1.1990-1.1704).
  • Support $1.1866(Asia low), stronger into $1.1855/50 (E1.1bln of EUR puts to roll off at today's NY cut with strikes in this area). A break to open a deeper move toward $1.1820/10 ahead of $1.1795/85 and $1.1770.
  • EZ final Svcs PMI data 0800GMT, flash 48.8. US Trade 1230GMT.
  • MNI Techs: EURUSD traded higher Monday and markets built on those gains further Tuesday. This has resulted in price moving into a bear channel range drawn off this year's Jan 6 high and above the 20-day EMA. Gains are considered corrective though with the next firm resistance area at 1.1944, the 50-day EMA. Initial resistance is at 1.1899, the 1.0% 10-dma envelope. The trigger for a resumption of the downtrend is 1.1704, Mar 31 low.
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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