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Probes Above $1.1660 But Early Move Struggles to Build

EURO-DOLLAR
MNI (London)
  • Recovery off the late NY low of $1.1623 extended through a Tokyo holiday thinned Asian session, breaking above $1.1660 into Europe.
  • Rate has edged on to $1.1666 in opening Europe trade with underlying tone retaining a buoyant tone at writing. However, we wait to see if move can be maintained, possibly just a move to squeeze out weaker shorts in thin markets.
  • If rate can maintain this move above $1.1660 seen opening a move on toward $1.1680 ahead of $1.1695/1.1700. Support remains into $1.1620 ahead of $1.1615/12 and $1.1600.
  • US Election remains key focus, though results will not be seen until late Tuesday/Wednesday. ECB Knot(hawk) speaks at 0820GMT and 1400GMT. Eurogroup presser at around 1800GMT. US Factory Orders and Durable Goods provide data interest into the afternoon.
  • US Election, COVID spread, along with recent dovish ECB, continue to provide main drivers.
  • MNI Techs: Last week's sell-off confirmed a clear breach of the S/T trendline support drawn off the Sep 28 low. The break, confirmed by a move below the Oct 29 low of 1.1718, as well as a key support at 1.1689, Oct 15 low, strengthens the bearish case and has exposed 1.1612, Sep 25 low, and the primary bear trigger. Initial resistance is at 1.1704, Friday's intraday high.
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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