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Free AccessEURUSD Strong Bounce Off Lows, EURJPY Approaches Cluster Resistance
- Lower energy prices on the continent (notably European natgas futures falling around 11%) have bolstered risk sentiment on Wednesday, strengthening equity markets and providing firm support for the Euro.
- EURUSD has recovered around 125 pips from the lows to trade back at parity amid the more positive backdrop with a potential position squaring dynamic also in play ahead of tomorrow’s ECB meeting.
- Interestingly, there are 2.2B of expiries at 1.0000 for tomorrow’s NY cut, which has the potential to be magnetic in the immediate aftermath of the ECB’s decision and press conference.
- The USD index looks set to post 0.5% losses with a relatively dovish Fed’s Brainard providing a further boost to equities and weighing further on the greenback in late trade ahead of the APAC crossover.
- Despite this USD turnaround, coinciding with 145.00 capping the USDJPY price action, EURJPY continues to hug session highs and it is worth noting the pair is approaching strong cluster resistance, with four daily highs between 144.18-28. This week’s impulsive gains reinforce current bullish conditions for the pair and the move higher maintains a positive price sequence of higher highs and higher lows.
- The next two levels of note on the topside would be 145.00 (psychological round number) and then 145.48, Jan 1, 2015 high.
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Why MNI
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