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Mild Risk-on in Asia Buoys EUR/USD Into Europe

EURO-DOLLAR
MNI (London)
  • Position adjustments ahead of next week's US election provided for a mild risk off tone through Monday trade, led by moves in the equity markets as well as slippage in the oil price.
  • EUR/USD drifted off to a low of $1.1803, from a late Friday high of $1.1865, with recovery efforts through the NY afternoon capped at $1.1828 before closing the day at $1.1809.
  • Outlook switched to a small positive in Asia which allowed EUR/USD to recover through the NY high to $1.1836, though trade was described as subdued. Rate trades around $1.1830 into Europe.
  • Support remains into $1,.1800, resistance into $1.1850 ahead of $1.1865.
  • Decent sized option expiries noted in the $1.1800-05 area for today, Tuesday and Friday could act to strengthen support here. (Expiries roll off this week at 1400GMT)
  • Preliminary month-end outlook(Friday) suggests USD sales to be seen vs EUR and GBP.
  • MNI Techs: EURUSD still trading below last week's high of 1.1881. Despite recent shallow pullback, outlook remains positive and move lower considered corrective. Recent breach of 1.1831, Oct 9 high, reinforced the current bullish price structure and signals scope for 1.1917 next, a retracement level, with the major resistance and hurdle for bulls at 1.2011, Sep 1 high. Key short-term trendline support is at 1.1735.
  • EZ M3 released at 0900GMT. ECB de Cos speaks at 1500GMT. US Durable Goods 1230GMT, FHFA House prices 1300GMT, Consumer Conf. 1400GMT.
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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