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MNI BRIEF: German Banks Stable, But Rate Risks Remain - Buba

RPT-MNI INTERVIEW:Increased UK Linker Sales Not Inflation Play

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Price Signal Summary - EURUSD Bear Threat Remains Present

OUTLOOK
  • In FX, Thursday’s move lower in EURUSD marks an extension of the bear leg that started on Apr 26. The 50-day EMA, at 1.0885 and a key support, has recently been breached. This signals scope for a continuation lower and attention is on 1.0737,61.8% retracement of the Mar 15 - Apr 26 bull run. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0919, the 20-day EMA.
  • GBPUSD maintains a softer tone and is trading closer to its recent lows. Yesterday’s move lower resulted in a test of the 50-day EMA which intersects at 1.2408. This average represents a key support and a clear break would strengthen current bearish conditions and expose 1.2345, the Apr 10 low. On the upside, initial firm resistance is seen at 1.2547, the May 16 high where a break is required to signal a possible reversal.
  • USDJPY maintains a bullish tone and Thursday’s extension resulted in the break of a key resistance zone between 137.77-91, the May 2 and Mar 8 high respectively. The break strengthens bullish conditions and confirms a resumption of the uptrend from Jan 16. The focus is on 139.00 next. Initial firm support is seen at 135.55, the 20-day EMA. A pullback would be considered corrective.
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