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Focus on ECB Lagarde.

EUR
MNI (London)
  • EUR/USD extended its corrective pullback away from Monday's high of $1.1920 to $1.1780 during European morning Tuesday before reported leverage demand into NY helped edge it back to $1.1834.
  • Rate settled between $1.1803-26, closing the day at $1.1815.
  • Mild risk appetite in Asia allowed rate to nudge to $1.1833, but was holding back around $1.1820 into Europe.
  • Veterans' Day holiday in the US (bond market closed, equity market open) expected to quieten trade into the afternoon.
  • Focus today on ECB Lagarde speaking at the ECB Forum on Central Banking at 1300GMT. Guindos and Lane also speak at the Forum.
  • EU seen closer to approving its E1.8tln stimulus package
  • Support $1.1800 ahead of $1.1780($1.1783 55-dma of note) ahead of $1.1762(50% $1.1603-1.1920). Resistance $1.1833/43, $1.1850/60.
  • MNI Techs: Recent move lower is considered a correction with the pair maintaining a bullish tone following last week's gains and breach of 1.1881, Oct 21 high. A break of 1.1920, Monday's high would resume the uptrend, break exposes 1.2011, Sep 1 high. Key support defined at 1.1603.
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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