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Extends Above $1.1920 But Needs Clear of $1.1930 to Expose Sep1 high of $1.2011.

EUR
MNI (London)
  • USD under pressure in early Europe, allows EUR/USD to move above its recent Sep1 high of $1.1920, as well as making a show through its $1.1926 78.6% retrace level and its Sep2 high of $1.1929, marking a fresh recovery high of $1.1930.
  • Some look for a clear of this latter level for increased buying to get triggered, the move above $1.1920 technically seen exposing that $1.2011 level(MNI Techs).
  • Rate retains a buoyant feel at writing, currently around $1.1921.
  • Today has Monday month-end value which could prompt some US corporate USD demand in the US session, though a good part of this may have been covered in Monday's sharp USD recovery.
  • Early model predictions for Monday's month-end suggest decent USD sales to emerge at the fixes.
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
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