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EURUSD Sinks As Greenback Comes Marching Back

FOREX
  • After yesterday's largest intra-day range for EURUSD since mid-June of 110 pips, an even more powerful reversal ensued on Friday, leading the single currency to plummet well over 1%, taking out the ECB lows to trade just shy of the October lows at 1.1525.
  • Thursday's rally fell short of a key resistance at 1.1711, the top of a bear channel drawn from the Jun 1 high. Today's weakness confirms broader trend conditions remain bearish below this channel resistance. Support can be found at 1.1493, 50.0% retracement of the Mar '20 - Jan '21 bull phase.
  • Particular EUR weakness prompted negative price action in the crosses, with EURJPY, EURAUD, EURCAD and EURNZD all falling comfortably over 0.5%.
  • The US dollar came roaring back after the dollar index found strong touted support at the 50-day MA. Additionally, the 23.6% retracement of the 2021 Low-High held at 93.30.
  • The greenback rally sent the dollar index (+0.85%) soaring to the best levels of the week, signalling further strength to the mid-Oct highs, residing at 94.56.
  • The dollar bid was broad based, gaining against all other G10 currencies. Particular weakness was seen in the Norwegian Krona, with USDNOK rising 1.4% on Friday.
  • US ISM Manufacturing PMI headlines Monday's calendar, before the RBA meet early on Tuesday.
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