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Holds Above $1.22 into Europe. EU/UK Brexit Trade Deal in Focus.

EUR
MNI (London)
  • EUR/USD recovered off its early NY low of $1.2160 to $1.2221before it lost momentum and drifted off through the 1600GMT fix to $1.2173, closing the day at $1.2186.
  • Positive reports concerning a Brexit trade deal (could be confirmed this morning) helped to lift GBP which in turn dragged EUR/USD higher through Asia to $1.2216 but met some headwind resistance from EUR/GBP sales, before it settled around $1.2205 into Europe.
  • BBC: UK Johnson to speak to EU chief around 0700GMT, press conference to follow at around 0800GMT.
  • A lot of European centres closed for Christmas Eve, ahead of Friday's larger holiday. Shortened sessions expected in those centres open today.
  • EUR/USD support noted into $1.2180/70, resistance reported at and above $1.2220, a break to open a move toward $1.2250/60.
  • Preliminary models suggest USD sales to be seen at next week's month-end fixes Thursday. Ahead of this some residual US corporate month-end value USD demand could be seen Tuesday(a lot of this interest could have been covered ahead of the holidays).
  • MNI Techs: EURUSD underlying bullish conditions remain intact. However, the daily trend condition is overbought and this does suggest the pair is due a correction. Key near-term support lies at 1.2130, Dec 21 low. Note, the 20-day EMA intersects at 1.2116 and trendline support drawn off the Nov 4 low is at 1.2149. A break of the 1.2149/16 support zone would signal scope for a deeper sell-off. On the upside, 1.2273 is the bull trigger.
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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