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EUR/USD Struggles to Reclaim $1.22 Handle

EUR
MNI (London)
  • EUR/USD touched a low of $1.2175 in Asia Thursday before recovering to $1.2215 in Europe before rate settled between $1.2180/1.2215 through the balance of the day, closing at $1.2194.
  • Month-end dynamics continued to play their part, with a long weekend approaching in the US (and UK). Hawkish comments from BOE MPC Vlieghe boosted GBP, dropping EUR/GBP back below Gbp0.8600 which in turn weighed back on EUR/USD.
  • EUR/USD remained below $1.2200 through Asia, trade in this session contained within a tighter range of $1.2182/97.
  • Month-end and likely to see some activity at today's fixes (there is a fix on Monday but with US and UK out some of this interest may be transacted today) . USD buying expected at fixes but models show a weaker signal than earlier in the week.
  • Ascending trend, off May06 low currently seen supporting at $1.2182, a break to expose Thursday's low at $1.2175. Below here and stronger area around $1.2160 moves into view. Break of $1.2150 to then open a move toward $1.2126. Resistance $1.2200, $1.2215/20, rate seen needing a move through $1.2240/45 to retest recent highs at $1.2263/66 as well as countering any underlying bearish feel and a challenge on that $1.2160/50 support.
  • France CPI 0645GMT, EZ Economic Confidence 0900GMT.
  • US Personal Income, Spending 1230GMT, Chicago PMI 1345GMT, UofM Sentiment 1400GMT.
  • MNI Techs: EURUSD outlook remains bullish. This follows the recent breach of 1.2245, May 19 high with the focus on 1.2285, Jan 8 high. Further out, the 2021 high of 1.2349, Jan 6 high beckons. On the downside, key short-term support has been defined at 1.2052, May 13 low while initial support is unchanged at 1.2160, May 19 low.
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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