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FOREX: Greenback Weakness Extends, EURUSD Back Above 1.05

FOREX
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  • The resumption of strength for US Treasury futures in recent trade has placed a renewed offer in the greenback, with EURUSD rising once again above the 1.0500 handle to fresh session highs and USDJPY sliding back below 154.00. Bessent related sentiment continues to weigh on the dollar, as some major currencies are also allowing oversold conditions to unwind recent declines.
  • We noted that Friday’s price action appears to be a hammer candle pattern in EURUSD and resistance is not seen until the prior breakdown point between 1.0600-10.
  • For cable, renewed strength sees us approach the 1.26 handle and resistance here is not until 1.2715, the Nov 20 high.
  • USDJPY support to watch is the 20-day EMA, at 153.64. It has been pierced and a clear break of it would signal scope for a deeper short-term corrective pullback, something that could gain traction with the December BOJ in sight and officials keeping the door open to a rate hike. The 50-day EMA would be the next support at 151.39.
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  • The resumption of strength for US Treasury futures in recent trade has placed a renewed offer in the greenback, with EURUSD rising once again above the 1.0500 handle to fresh session highs and USDJPY sliding back below 154.00. Bessent related sentiment continues to weigh on the dollar, as some major currencies are also allowing oversold conditions to unwind recent declines.
  • We noted that Friday’s price action appears to be a hammer candle pattern in EURUSD and resistance is not seen until the prior breakdown point between 1.0600-10.
  • For cable, renewed strength sees us approach the 1.26 handle and resistance here is not until 1.2715, the Nov 20 high.
  • USDJPY support to watch is the 20-day EMA, at 153.64. It has been pierced and a clear break of it would signal scope for a deeper short-term corrective pullback, something that could gain traction with the December BOJ in sight and officials keeping the door open to a rate hike. The 50-day EMA would be the next support at 151.39.