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Month-end Value/France COVID Spread Weigh on EUR/USD

EURO-DOLLAR
MNI (London)
  • Late Tuesday move down to $1.1793, breaking under its earlier Europe low of $1.1796, seen on market reaction on suggestions France could move into a full lockdown. Macron speaks at 1900GMT.
  • Opening Asia added weight, increased sales noted on the move below $1.1790 which took rate to an early low of $1.1770.
  • Rate recovered to $1.1788(holding below the break out $1.1790 level) then settled around $1.1780 through the main part of the Asian day.
  • Rate edged to $1.1785 into Europe before fresh selling emerged to press rate down to a fresh low of $1.1765.
  • Month-end value today which could prompt US corporate USD demand(possibly sovereign interest as well). Month-end models have suggested USD sales to be seen at Friday's month-end fixes.
  • Support seen at $1.1762/60(61.8% 1.1689-1.1881/Oct20 low) ahead of $1.1740/35. Resistance $1.1790/1.1805, $1.1820/30.
  • MNI Techs: Attention turns to key near-term trendline support, drawn off the Sep 28 low, that today intersects at 1.1740. While trendline holds, the uptrend since 1.1612, Sep 25 low, remains intact. A break would undermine the bullish tone and expose 1.1689, Oct 15 low. The near-term bull trigger is at 1.1911.
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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