MNI China Daily Summary: Monday, July 29

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Nudging $1.2100 into Europe

EUR
MNI (London)
  • EUR/USD's corrective pullback, away from its Jan06 high of $1.2349, extended in Asia and into Europe Monday, the rate able to test the highlighted Dec09 low of $1.2059, touched $1.2054 before recovering.
  • Rate recovered through a thinned US holiday session, meeting resistance just above $1.2080, closing the day at $1.2077.
  • Early Asia marked a low of $1.2074 before risk appetite emerged to edge rate up to $1.2099, with pullbacks contained above $1.2090 ahead of the European open.
  • Resistance seen into $1.2100 ahead of $1.2120, more between $1.2140-60.
  • Support $1.2090/80, $1.2055/40.
  • Now that we have touched that Dec09 low will be interesting to see if the recovery has legs. Market will watch the return of full US market.
  • Germany CPI at 0700GMT, ECB Current Account 0900GMT, ECONFIN meeting at 0905GMT. Germany ZEW provides the main morning focus at 1000GMT.
  • Italy PM Conte won a vote of no-confidence in the lower house, faces senate vote today.
  • Janet Yellen's Senate confirmation hearing for Treasury Secretary at 1500GMT. 'Act big' in regards to fiscal stimulus, not seeking a weaker USD, suggested topics in the press.
  • MNI Techs: EURUSD traded lower again yesterday hitting a new 2021 low. The leg lower since Jan 6 considered part of a correction that is allowing a recent overbought condition to unwind. Price action has traded through the 20-day and 50-day EMAs to hit the lowest levels since Dec 2. The focus is on 1.2011, Dep 1 high next and 1.1976, a Fibonacci retracement. 1.2230 marks a firm resistance with initial resistance at 1.2175, the 20-day EMA.
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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