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Hold Below $1.1800 Keeps Outlook Bearish. Month-end Value Today.

EUR
MNI (London)
  • Risk aversion eased Friday, which allowed for some paring of recent USD recovery strength. EUR/USD slowly edged to a high of $1.1805 in pre fix trade before it settled between $1.1784/1.1800 into the close.
  • Asia remained below $1.1800, touched an early high of $1.1798 before rate drifted lower. Rate posted a low of $1.1775, recovered to $1.1791 before settling around $1.1780 into Europe.
  • Support $1.1765/60, a break to expose $1.1752(see MNI Techs below), $1.1746/41 ahead of $1.1711(Nov05 low).
  • Resistance $1.1800/05, $1.1828/33, $1.1850/55, $1.1872/76(200-dma/61.8% $1.1947-1.1762).
  • A light global calendar for Monday with attention this week on Wednesday's month/FY end. US Biden unveils his economic bulletin Wednesday, with Friday's NFP release coming as many centres will be closed for Good Friday.
  • Month-end value today could see US corporate USD demand emerge in the NY session.
  • Concern remains over COVID third wave spread in Europe and its effect on growth.
  • MNI Techs: EURUSD maintains a weaker tone following last week's bearish pressure. The pair has cleared the 1.1800 handle and attention is on 1.1752 next, a Fibonacci projection. Last week's move lower also resulted in a break of the 200-day MA and confirmed a resumption of this year's downtrend. On the upside, firm resistance is at 1.1947, the Mar 22 high. Initial resistance though is at 1.1853.
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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