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EUR/USD Retains Buoyant Feel

EUR
MNI (London)
  • EUR/USD extended recovery (off last Friday's low of $1.1952) to $1.2144 during Wednesday's European morning trade before it eased off to $1.2113 into early NY.
  • Recovery efforts through NY were capped at $1.2140 before rate drifted off to $1.2117 into the close.
  • Rate consolidated around $1.2120 in an early Asia, the session thinned by a Japanese holiday and several centres closed to celebrate the Lunar New Year, before it marked a low at $1.2114 then recovered to $1.2129 ahead of the Europe open.
  • Support $1.2114/09, stronger between $1.2100-1.2090, a break to open a deeper move toward $1.2067 (61.8% $1.2020-1.2144) ahead of $1.2049(76.4%).
  • Resistance $1.2140/44 ahead of $1.2151/56 (50% $1.2349-1.1952/Jan29 high). A break here to expose recent highs between $1.2170/83, stronger between $1.2190/1.2200.
  • A light data calendar in the EZ. ECB de Guindos speaks at 0800GMT.
  • Focus on the day will be US Weekly Jobless Claims at 1330GMT.
  • Soft US CPI, which along with a dovish Fed Powell, to keep underlying pressure on the USD.
  • MNI Techs: EURUSD is holding onto recent gains - the pair has this week extended the recovery from the Feb 5 low of 1.1952. The Feb 5 price pattern is a bullish engulfing reversal. The pattern is still in play suggesting scope for a recovery. It also highlights a base at last week's low. Strong resistance at 1.2092/98, the 50- and 20-day EMAs gave way Tuesday, opening $1.2156 next. On the downside, sub 1.1952 levels would resume recent bearish pressure.
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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